Infrastrata (INFA) on Tuesday signed heads of terms to buy a multi-purpose fabrication facility, quaysides and docking facilities in the port of Belfast for £6 million.
The company aims to bring in-house a large part of the fabrication requirements for the Islandmagee Gas Storage Project.
Infrastrata told investors it expects it will reduce the capital cost of each of its Projects by 10% - 15% and the construction timelines by 3-5 months.
John Wood, CEO of InfraStrata, said: "This acquisition is a function of deep operational synergies between the various business segments of the Company with Harland and Wolff underpinning the construction economics of the Islandmagee Gas Storage Project and other future projects.”
The company secured the acquisition with a £500,000 deposit to administrator BDO NI in charge of the assets of Harland and Wolff Heavy Industries Limited and Harland and Wolff Group Plc.
It told investors that all 79 employees who did not opt for voluntary redundancy earlier in the year will be retained by Infrastrata.
Mr. Wood said on the retainment of the staff: “Our Islandmagee Gas Storage Project will benefit greatly from their expertise in the energy sector, both technically and economically, and we look forward to growing the workforce significantly in the coming years”
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