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Chairman of Harland & Wolff Resigns Amid Shareholders Concerns of 'Administration' Deal

15th August 2024
Another boardroom resignation at the beleaguered Harland & Wolff – as shareholders raise concerns of an administration deal.
Another boardroom resignation at the beleaguered Harland & Wolff – as shareholders raise concerns of an administration deal. Credit: Belfast Harbour-facebook

At the iconic Belfast shipbuilder Harland & Wolff, there is concern around its future following developments during the summer.

The multisite group, which includes yards also in Scotland and England, has announced that its chairman, Malcolm Groat, has resigned from the board with immediate effect.

The resignation comes after the chief executive officer, John Woods, stood down last month after an appeal to the UK government for £200 million in support was rejected.

A group of shareholders have raised concerns as they're worried the business is being lined up for a "pre-pack administration" deal, and that this would mean they could lose most of their investment.

In the latest to hit the beleaguered firm, whose origins date to 1861, a statement confirmed non-executive directors Sir Jonathon Band and Katya Zotova have also stepped down.

More from ITV News on the shipyard, which for the first time in more than two decades built a vessel, in the form of a barge for London based waste management firm Cory in 2023.

The contract Afloat highlights is for 33 barges, of which 14 have been delivered, with construction shared between Belfast and the group's two Scottish yards. This month saw the barge, named Heron completed at the Belfast site.

Published in Shipyards
Jehan Ashmore

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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.