Harland & Wolff wins Cenovus FPSO upgrade contract

British shipbuilder and fabricator Harland & Wolff has secured a contract from Canadian oil and gas company Cenovus Energy for the mid-life upgrade of the SeaRose floating production storage and offloading (FPSO).

The 2004-built unit, which first came into Belfast in 2012, will return in the first quarter of 2024 and will be in the building dock for a period of more than three months.

A number of pre-arrival works have already commenced, including inspections, procurement of steel, fabrication of customised blocks and other dry dock operations.

The contract is worth around £61m. The AIM-listed firm said it expects to earn £10m once it has completed pre-arrival workstreams in the current financial year, with the outstanding balance expected to be received in 2024.

At its peak, it is estimated that there will be about 1,000 personnel working on the vessel including the company’s staff and subcontractors.

John Wood, CEO of Harland & Wolff Group Holdings, said: “This is a significant win within our non-defence portfolio from a global, blue-chip energy group and I am pleased that we are gaining a reputation as a go-to yard for large and complex programmes.”