Harland & Wolff Group Holdings Plc announced that it has been awarded preferred bidder status for the Falkland Islands Port Replacement Project ("FIPASS") by the Falkland Islands Government. Subject to agreeing final contract pricing and concluding commercial negotiations, the Directors believe that this project could generate total revenues between £100 million - £120 million over a two-year period, with works on the project expected to commence this year. The FIPASS project involves the build, transport and installation of four floating pontoons of approximately 90 metres each in the Falkland Islands.

Conditional on the award of the final contract, the Company intends to spread the work across its multiple facilities in order to provide optionality and de-risk the fabrication of these pontoons. The Company will make a further announcement upon formal execution of the contract.