A conditional contract has been announced for the purchase of assets of the former Harland and Wolff Heavy Industries Limited and Harland and Wolff Group Plc.

InfraStrata is set to purchase the Belfast-based shipyard, which went into administration in August, having failed to secure a buyer when it was put up for sale in June after its Norwegian owner Dolphin Drilling filed for bankruptcy.

InfraStrata has launched a fundraise of up to £6m to fund the £5.25m consideration through a placing of new Ordinary Shares by way of an accelerated bookbuilding process.

The acquisition will bring in-house a large part of the engineering and fabrication requirements for InfraStrata’s Islandmagee Gas Storage Project and proposed FSRU project.

The target completion date of the acquisition is 5 December. 100% of the 79 employees are expected to be retained.

There are plans to significantly increase the size of the workforce by several hundred over the next five years.

By Rebecca Jeffrey