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Displaying items by tag: £16m H1 Loss

Shipyard business Harland & Wolff Group Holdings has announced a 65% rise in revenues for the first half of 2023, however the Belfast based owner at Queen’s Island, still registered a loss of almost £16 million in the six month period.

According to Harland & Wolff’s interim financial results, for the six months ending June 30 2023, the London-listed company with an address at 10 Lower Thames Street, reported revenues of £25.53m. In comparison for the same six months of last year, the figure was £15.41m.

The interim report published by H&W also showed when it came to earnings before interest, taxes, depreciation, and amortization (EBITDA), the group with four sites, had made a loss of £15.92m.

The loss cites H&W was mainly due to its investment in headcount in preparation for delivery of the UK Ministry of Defence (MoD) £1.6 billion contract for three fleet solid support contract (FSS) ships to serve the Royal Fleet Auxiliary (RFA). In addition to losses related to other separate contracts.

The MoD’s contract for the trio of FSS newbuilds has been awarded to Spain’s Navantia, which is part the consortium Team Resolute which includes BMT, which won the contract to build the vessels.

H&W will be a sub-contractor in the FSS newbuild project from which it said to expect to earn between £700m and £800m from the deal.

The Irish News has more on the MoD contract and other developments.

Published in Shipyards

Ireland's Trading Ketch Ilen

The Ilen is the last of Ireland’s traditional wooden sailing ships.

Designed by Limerick man Conor O’Brien and built in Baltimore in 1926, she was delivered by Munster men to the Falkland Islands where she served valiantly for seventy years, enduring and enjoying the Roaring Forties, the Furious Fifties, and Screaming Sixties.

Returned now to Ireland and given a new breath of life, Ilen may be described as the last of Ireland’s timber-built ocean-going sailing ships, yet at a mere 56ft, it is capable of visiting most of the small harbours of Ireland.

Wooden Sailing Ship Ilen FAQs

The Ilen is the last of Ireland’s traditional wooden sailing ships.

The Ilen was designed by Conor O’Brien, the first Irish man to circumnavigate the world.

Ilen is named for the West Cork River which flows to the sea at Baltimore, her home port.

The Ilen was built by Baltimore Sea Fisheries School, West Cork in 1926. Tom Moynihan was foreman.

Ilen's wood construction is of oak ribs and planks of larch.

As-built initially, she is 56 feet in length overall with a beam of 14 feet and a displacement of 45 tonnes.

Conor O’Brien set sail in August 1926 with two Cadogan cousins from Cape Clear in West Cork, arriving at Port Stanley in January 1927 and handed it over to the new owners.

The Ilen was delivered to the Falkland Islands Company, in exchange for £1,500.

Ilen served for over 70 years as a cargo ship and a ferry in the Falkland Islands, enduring and enjoying the Roaring Forties, the Furious Fifties, and Screaming Sixties. She stayed in service until the early 1990s.

Limerick sailor Gary McMahon and his team located Ilen. MacMahon started looking for her in 1996 and went out to the Falklands and struck a deal with the owner to bring her back to Ireland.

After a lifetime of hard work in the Falklands, Ilen required a ground-up rebuild.

A Russian cargo ship transported her back on a 12,000-mile trip from the Southern Oceans to Dublin. The Ilen was discharged at the Port of Dublin 1997, after an absence from Ireland of 70 years.

It was a collaboration between the Ilen Project in Limerick and Hegarty’s Boatyard in Old Court, near Skibbereen. Much of the heavy lifting, of frames, planking, deadwood & backbone, knees, floors, shelves and stringers, deck beams, and carlins, was done in Hegarty’s. The generally lighter work of preparing sole, bulkheads, deck‐houses fixed furniture, fixtures & fittings, deck fittings, machinery, systems, tanks, spar making and rigging is being done at the Ilen boat building school in Limerick.

Ten years. The boat was much the worse for wear when it returned to West Cork in May 1998, and it remained dormant for ten years before the start of a decade-long restoration.

Ilen now serves as a community floating classroom and cargo vessel – visiting 23 ports in 2019 and making a transatlantic crossing to Greenland as part of a relationship-building project to link youth in Limerick City with youth in Nuuk, west Greenland.

At a mere 56ft, Ilen is capable of visiting most of the small harbours of Ireland.

©Afloat 2020