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Shipbuilder Harland and Wolff Group Posts £43 million Loss

2nd July 2024
Shipbuilder Harland and Wolff has reiterated its need for a £200m UK government loan guarantee to help stabilise its finances for the multisite group, which has four shipyards.
Shipbuilder Harland and Wolff has reiterated its need for a £200m UK government loan guarantee to help stabilise its finances for the multisite group, which has four shipyards. Credit: BBC Newsline

Shipbuilder Harland and Wolff Group, based at its main Belfast yard, which has one of the largest drydocks in Europe, lost another £43 million last year, according to its latest financial statement.

The group, with yards also in Arnish and Methil, Scotland, and Appledore, England, has temporarily suspended trading in its shares on the London Stock Exchange (LSE).

Its suspension on the LSE is because Harland and Wolff have not been able to publish independently audited accounts on time; however, it expects to publish those accounts next week.

The company operating in the maritime and offshore industry sector has reiterated its need for a £200 million government loan guarantee to help stabilise its finances.

BBC News has more on the shipbuilder group.

Published in Shipyards
Jehan Ashmore

About The Author

Jehan Ashmore

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Jehan Ashmore is a marine correspondent, researcher and photographer, specialising in Irish ports, shipping and the ferry sector serving the UK and directly to mainland Europe. Jehan also occasionally writes a column, 'Maritime' Dalkey for the (Dalkey Community Council Newsletter) in addition to contributing to UK marine periodicals. 

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Shipyards

Afloat will be focusing on news and developments of shipyards with newbuilds taking shape on either slipways and building halls.

The common practice of shipbuilding using modular construction, requires several yards make specific block sections that are towed to a single designated yard and joined together to complete the ship before been launched or floated out.

In addition, outfitting quays is where internal work on electrical and passenger facilities is installed (or upgraded if the ship is already in service). This work may involve newbuilds towed to another specialist yard, before the newbuild is completed as a new ship or of the same class, designed from the shipyard 'in-house' or from a naval architect consultancy. Shipyards also carry out repair and maintenance, overhaul, refit, survey, and conversion, for example, the addition or removal of cabins within a superstructure. All this requires ships to enter graving /dry-docks or floating drydocks, to enable access to the entire vessel out of the water.

Asides from shipbuilding, marine engineering projects such as offshore installations take place and others have diversified in the construction of offshore renewable projects, from wind-turbines and related tower structures. When ships are decommissioned and need to be disposed of, some yards have recycling facilities to segregate materials, though other vessels are run ashore, i.e. 'beached' and broken up there on site. The scrapped metal can be sold and made into other items.