Harland and Wolff to Consolidate Operations

Harland and Wolff Group have announced its intention to implement workforce reductions and to consolidate future operations into a single technically-led, project management organisation. In the future, the organisation will focus on an expansion of its technical consultancy services, which encompass the marine, offshore and structural engineering sectors, and on targeting contracts in the renewable energy, structural steelwork and ship repair sectors, which will be executed on a project management basis.

Following a successful sea trial, the RoRo vessel Hartland Point will shortly be delivered. Production activity will then focus on commissioning and sea trials of the second RoRo vessel, Anvil Point, due for delivery in early 2003. Whilst the Company is pursuing future business opportunities on a number of fronts in line with its business plan in order to create a competitive company with a sustainable future, it has been unable to secure sufficient firm workload to maintain current employment levels. A degree of workload has been secured in the ship repair sector and discussions are ongoing in relation to potential renewable energy, structural steelwork and further technical services opportunities. However, in the prevailing global economic and specific market conditions, where many shipyards across Britain and Europe are facing a downturn in business and contracting accordingly, there are currently few opportunities to secure substantial contracts in the offshore and ship completion markets