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UK Government to Explain Harland and Wolff Decision Today

22nd July 2024
The Harland and Wolff Group employs about 1,500 people, mainly at their Belfast shipyard.
The Harland and Wolff Group employs about 1,500 people, mainly at their Belfast shipyard. Credit: Belfast Harbour-facebook

The new UK government, under Labour, is due to explain why it has refused to give financial support to Belfast-based Harland and Wolff Group.

The loss-making shipbuilder, with facilities also in west and east Scotland and south-west England, had applied for a loan guarantee of up to £200 million.

Last Friday, the shipyard group, which employs around 1,500, said its bid had been unsuccessful and that its CEO, chief executive officer, John Wood, had left his job.

The maritime engineering and infrastructure company is in talks with its US lender, Riverstone Credit Partners, and is hopeful of agreeing to additional funding within days.

However, that still leaves questions about H&W’s long-term future.

The company’s shares on the London Stock Exchange as previously reported are currently suspended after it failed to file audited accounts on time.

H&W has appointed the private bank Rothchilds to review the strategic options of the multisite firm, which could include a sale of the business.

Later today in Westminster, the Business Secretary, Jonathan Reynolds, is due to update Parliament on the refusal of the loan guarantee.

BBC News has more on the development. 

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.