Titanic shipbuilder sinks into trouble again – World

LONDON: Iconic shipbuilder Harland and Wolff, known for building the ill-fated Titanic, said on Monday it has run into financial trouble again, forcing the company to divest non-core assets to maintain its shipyards.

The Belfast-based company said in a statement it is appointing external administrators to assist with the sale or wind-down of non-core assets, including its Scilly Ferries business.

Russell Downs, interim executive chairman of Harland and Wolff, said “extremely difficult decisions had to be made to secure the future of” the four British shipyards, including the Belfast site where the Titanic was built in 1912.

“The group is facing a very challenging time, given the huge historical losses and the inability to secure long-term financing,” he added. The group’s statement said the shipyards could still be sold.

Harland and Wolff “is insolvent on a balance sheet basis, as per the latest audited accounts and the most recent management accounts,” the company added.

“Therefore, contingency planning for the creation of an administrative order and the appointment of administrators… is underway for the company. This process is likely to begin this week.” In addition to building Titanic, Harland and Wolff also built her two sister ships, Olympic and Britannic, and also delivered nearly 150 warships during World War II.

Published in Dawn, September 17, 2024