Displaying items by tag: Fred Olsen Group

25th July 2019

Shipyard Harland & Wolff 'Could Go to Wall' by Next Wednesday

The iconic cranes of Samson & Goliath at the Belfast shipyard

The Belfast shipyard at Harland and Wolff could go bust within days as fears mount over its future, it has emerged.

Unions and sources familiar with ongoing negotiations at the shipyard, reports Belfast Telegraph, have said that the company could "go to the wall" next Wednesday, if a buyer cannot be found.

Around 132 people are understood to be still employed at the operation, which was put up for sale by its Norwegian parent company Fred Olsen Energy in December 2018. The group, now known as Dolphin Drilling ASA, filed for bankruptcy last month.

Talks involving political leaders, economic development agency Invest NI and shipyard management have taken place throughout the week.

It's understood that Newry-based MJM Marine had held the status of an exclusive bidder. Jonathan Guest, who replaced Robert Cooper as chief executive of Harland and Wolff in April 2018, is a former managing director of MJM Marine.

During 2018, MJM used Harland and Wolff's dry dock for carrying out a major cruise contract with Royal Caribbean Cruise Ltd.

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About the Loughs Agency

The Loughs Agency is a governmental body established under the 1998 Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Ireland. The Agency's goal is to provide sustainable social, economic, and environmental benefits by effectively conserving, managing, promoting, and developing the fisheries and marine resources of the Foyle and Carlingford areas.

The Agency's governing legislation confers several specific functions, including the promotion of development of Lough Foyle and Carlingford Lough for commercial and recreational purposes in respect of marine, fishery, and aquaculture matters. Moreover, the Agency is responsible for managing, conserving, protecting, improving, and developing the inland fisheries of the Foyle and Carlingford areas. Additionally, the Agency has the task of developing and licensing aquaculture, as well as the development of marine tourism.

The Loughs Agency reports to the North South Ministerial Council and its government Sponsor Departments, the Department of Agriculture, Environment and Rural Affairs (DAERA) in Northern Ireland, and the Department of the Environment, Climate, and Communications (DECC) in Ireland. The Departments fund the Agency on an equal basis.

The Loughs Agency's focus on sustainable development is expected to have a positive impact on the economy, environment, and local communities in the Foyle and Carlingford areas. The Agency's efforts to conserve and enhance the region's marine resources, including fisheries and aquaculture, are expected to benefit local communities, promote tourism, and contribute to economic growth.

In conclusion, the Loughs Agency plays a vital role in promoting the sustainable social, economic, and environmental development of the Foyle and Carlingford areas. Its work on marine conservation and development is crucial in ensuring the long-term viability of the region's natural resources and in promoting sustainable economic growth.