Harland & Wolff, a prominent shipbuilding and maritime engineering company, has inked a substantial agreement with Cenovus Energy, a Canada-based energy corporation, for the comprehensive mid-life enhancement of the SeaRose FPSO vessel. The deal, valued at around $74 million (approximately £61 million), marks a significant milestone for Harland & Wolff, reinforcing its position as a preferred yard for complex and large-scale energy projects.

Preparatory activities for the FPSO's refurbishment and upgrade are already in progress, including initial inspections, steel procurement, and the fabrication of customized blocks. Harland & Wolff anticipates commencing specific fabrication works during the current fiscal year to ensure a seamless transition into the overhaul and upgrade process when the SeaRose FPSO arrives in Belfast in early 2024.

The project is expected to involve approximately 1,000 personnel, comprising Harland & Wolff's skilled workforce and subcontractors, reaching its peak operational capacity during the refurbishment period. Revenues generated from this initiative are included in the company's projected revenue targets of £100 million for FY2023 and £200 million for FY2024, contributing significantly to the overall growth strategy of the Harland & Wolff Group.

John Wood, the CEO of Harland & Wolff Group Holdings plc, expressed his enthusiasm for the partnership with Cenovus, emphasizing the company's rich expertise in handling intricate FPSO projects. He emphasized the utilization of cutting-edge technologies and the latest innovations to deliver top-tier refurbishment solutions. This project not only signifies a major win for Harland & Wolff in the non-defense sector but also strengthens its global standing as a preferred choice for complex maritime ventures.

Cenovus Energy previously announced plans for the SeaRose FPSO drydock program, expected to span 70 days in 2024, as part of the West White Rose Project, a crucial offshore initiative in Newfoundland and Labrador. With a projected production capacity of approximately 80,000 barrels per day (bbls/d), the West White Rose Project is anticipated to contribute significantly to the field's production for the next 14 years.