Sept 16 (Askume) – Harland & Wolff (HARL.L) said on Monday it would close or dispose of non-core operations and layoff some staff as the British shipbuilder struggles to stay in business during the crisis.
The company, famous for building the Titanic, did not disclose how many jobs it planned to cut, but said it would reduce staff numbers in non-core and some key support areas.
The company’s non-trading businesses include its marine services business, its Scilly Ferries business, and its US and Australian divisions.
The Belfast-based shipyard was struggling to remain competitive and had good credit facilities, but was shut down by the UK government in July this year.Rejected a £200 million ($263.94 million) credit facility .
The company sent its chief executive on immediate leave in July. Last week, its finance chief also resigned.
Trading in the company’s shares has been suspended since July until the 2023 accounts for the current financial year are finalised.
The shipbuilder will continue its core operations at its four shipyards and retain its interest in the Islandmagee gas storage project.
($1 = 0.7577 British pounds)
