H&W says navy contract will help revive famous name and rejuvenate the region
The gantries are a permanent reminder of the former standing of a yard that built more than 1,600 vessels before its demise as it lost out to cheaper rivals in the rest of Europe and Asia. It has not built a ship since 2003.
The contract is a key part of what Wood called a “major transformation” of the company in December when it disappointed investors by halving its 2022 revenues target to between £65 million and £75 million, blaming supply chain constraints and inflationary pressures. He insisted Harland & Wolff was on track to meet its financial targets despite the warning.
Team Resolute will invest £77 million to upgrade Harland & Wolff’s four sites, with the majority spent on modernising the shipyard in Belfast. Since buying the Northern Ireland business in 2019, it has added two yards in Scotland and one in Devon. Scott worked at the shipyard for 23 years but left 22 years ago. “I hope people will want to get their hands dirty again,” he said.
Peter Renton, an analyst at London-based Cenkos, Harland & Wolff’s broker, said the contract would help position it for future opportunities, such as offshore wind projects. “I think they have the capacity to do it...it’s regenerating these shipyards and putting them in a better place.”
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