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Displaying items by tag: Harland & Wolf

Shipyard owners of Harland & Wolff, InfraStrata has reported "steady progress" in the first months of its financial year.

In a Q1 trading update, the business said it has booked about £6.5m in the eight months to 31 March 2021, with further growth expected this year.

Its cruise and ferry market has broken even after larger contract wins were established.

InfraStrata acquired the assets of the Harland & Wolff shipyard in Belfast from administrators in 2019.

It then further invested in the business by acquiring the Appledore shipyard in North Devon.

Insider has more here on this story. 

Afloat adds that InfraStrata in recent weeks acquired the assets of Scottish based Burntisland Fabrication Ltd from the administrators. 

These facilities will trade under Harland & Wolff brand and represent the final fabrication piece of its UK footprint.

This will position the company to fully deliver on its existing strategy quicker than it would have done with only its two existing sites: Harland & Wolff (Belfast) and Harland & Wolff (Appledore).

Published in Shipyards

Shipyard Harland and Wolff in Belfast Harbour has secured a £2m (€2.35m) asset backed term debt facility.

Funds raised writes Independent.ie, will be used for working capital purposes, according to a statement from InfraStrata, the company which agreed to buy the Belfast shipyard last year.

The facility is for a period of two years, with the main amount repayable as a lump sum payment at the end of the period.

The loan carries a coupon of 13.2pc per year, payable in equal monthly instalments.

As previously reported on Afloat last week InfraStrata is behind a gas storage project in Larne Lough. 

For more click here on this financial development at the yard.

Published in Belfast Lough

Shipyard Harland and Wolff has won its first contract since it was taken over by the London-listed group InfraStrata.

The new parent company of the historic Belfast shipyard said that Harland and Wolff had secured a contract for the “dockings of two vessels for their owners to carry out their annual inspections and maintenance”.

No details of the organisation that owns the vessels or the value of the contract was disclosed.

But InfraStrata said it means the yard will be utilised from December 20th until the work is complete in January.

For more The Irish Times has a report

Published in Belfast Lough

Harland & Wolff's new owner is to take possession of the historic Belfast shipyard today as it pays £3.3m to the administrators of the business.

According to the Belfast Telegraph, Infrastrata plc plans to use the shipyard which built the Titanic for fabrication work in its underground natural gas storage project in Islandmagee near Larne.

Infrastrata chief executive John Wood has said that buying Harland & Wolff would save it £45m of a proposed spend of £303m on the Islandmagee project.

But it is also hoping to secure other shipbuilding projects in the future. At its peak, Harland & Wolff employed 35,000 people, and built 140 ships during the Second World War.

Infrastrata has already paid a deposit of £500,000 to business advisory firm BDO, which was appointed administrators to the yard in August.

Click here to read more on paying additional costs of the marine engineering facility.  

Published in Belfast Lough

London-listed company, Infrastrata that is taking over Harland & Wolff, could bring major shipbuilding projects back to Belfast after confirming plans to work with Navantia, the Spanish state-owned shipbuilding company.

According to The Irish Times, Infrastrata has signed a memorandum of understanding (MoU) with Navantia which it intends to follow up with a more formal teaming agreement. That could result in both organisations working together on a number of infrastructure and marine projects.

Navantia is among companies tendering for a £1.5 billion fleet contract with the UK defence ministry.

Earlier this month, Infrastrata raised £6 million (€7 million) via a share issue to complete its acquisition of the historic east Belfast shipyard that built the Titanic. The company still needs final approval from its shareholders to acquire the assets of Harland & Wolff, which it will seek at a meeting on November 29th.

More reading on the story here. 

Published in Belfast Lough

An energy firm, BBC reports, that agreed to buy the Harland and Wolff shipyard in Belfast has raised the money it needs to complete the deal.

InfraStrata raised £6m through a share issue on Monday.

The east Belfast shipyard, best known for building the Titanic, was agreed for sale to the London-based firm last month.

It went into administration in August, putting 120 jobs at risk, after its Norwegian parent company collapsed.

InfraStrata shareholders need to approve the deal at a meeting on 29 November.

More here on this story. 

Published in Belfast Lough

The Belfast shipyard that built the Titanic, Harland and Wolff is according to the Sunday Times, set to be rescued tomorrow in a £6m deal.

AIM-listed company, InfraStrata has agreed to buy the historic shipyard out of administration, will tap investors for the money tomorrow via a share placing. It is understood to have signed a conditional contract to buy Harland and Wolff from administrator BDO.

InfraStrata will use the shipyard to supply a £265m gas storage facility it is building north of the city, preserving the jobs of the 79 remaining workers.

Harland and Wolff, which employed 30,000 people in Belfast’s industrial heyday, fell into administration in August after its Norwegian parent company, Dolphin Drilling, failed to find a buyer.

For more to read, click here. 

Published in Belfast Lough

According to the News Letter, hopes that the troubled shipyard of Harland & Wolff can be rescued were rising (yesterday) after a weekend of intensive negotiations.

The iconic company based in Belfast Lough entered administration last month after its Norwegian parent company, Dolphin Drilling, failed to find a buyer.

Spurred on by support from the public, the remaining workers staged a round-the-clock occupation of the site as part of a high-profile campaign to save the yard.

They have also maintained pressure on the government in the hope that the business could be nationalised.

Click here for more on the story. 

Published in Belfast Lough
Tagged under

Workers at Harland & Wolff have seen a deluge of support - from donations of suncream and food to performances by local celebrities.

As the Belfast Telegraph reports, the workforce continue their occupation of the historic shipyard even as the firm is placed into administration, there has been a steady stream of supporters arriving with donations and words of encouragement.

Newry singer Tommy Sands donned a Harland & Wolff cap as he performed a number of songs at the gates of the shipyard yesterday, including one he had written for the workers.

Unite shop steward and Harland & Wolff steel worker Joe Passmore thanked Mr Sands, saying his performance had made the hairs on the back of his neck stand up.

"Fantastic, I'm sure every shipyard worker here had the same feeling, I know you did actually," he said.

More can be read here on the story of the shipyard which as previously reported drew calls for it to be nationalised. 

Published in Belfast Lough

Leaders from trade unions in the North are appealing to the new UK prime minister Boris Johnson to nationalise Belfast’s historic Harland & Wolff shipyard to save it from closure.

As The Irish Times reports, unions have warned the yard, where the Titanic was built, is just “hours and days” from closing its doors and is struggling to find a buyer.

Susan Fitzgerald, Unite’s regional coordinating officer, said Mr Johnson should step up to save jobs and the shipyard, whose giant cranes dominate the Belfast sky line, but which currently has no contracts. The operation, whose majority Norwegian owner filed for bankruptcy in June, has been in existence for 158 years.

Ms Fitzgerald said: “Harland & Wolff – with the world’s sixth-largest dry dock – is facing insolvency next week. If that happens, the skills of the workers, as well as the yard’s infrastructure, will be lost, diminishing the economy’s potential now and into the future.

More on the story can be read here.

Published in Belfast Lough
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