H&W ‘can still deliver naval contract’

Published On Sep 14, 2024, 9:03 AM

The executive chairman of Harland and Wolff (H&W), Russell Downs, claimed that the Belfast shipyard could still secure a significant contract from the Royal Navy if it finds new owners soon. The shipyard, which has four UK locations, is undergoing a search for buyers led by Rothschild bank. Spanish shipbuilder Navantia is reportedly interested, and UK defense contractor Babcock International is also considered a potential bidder. H&W is intended to be placed into administration within the next two weeks but can keep trading during the sales process. Downs expressed confidence in the yard's future cash generation capabilities despite previous financial losses and issues with past management. The company's shares have been suspended after failing to submit audited accounts and a loan application was rejected due to concerns over the risk to taxpayer money.