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Titanic Scenario Averted by Harland and Wolff Land Deal
01 Jun 2002
The British Government's Department for Regional Development has given formal approval to Belfast Harbour Commissioners to conclude an agreement between famed shipbuilding and repair yard Harland and Wolff and Titanic Quarter Ltd. The agreement will hopefully secure the yard's future as some 80 acres of land identified as surplus to Harland and Wolff's operational needs will be freed for development.
The substantial investment required to execute Harland and Wolff's new Business Plan will be funded by the disposal of their interest in the surplus land to Titanic Quarter Ltd, a subsidiary of Fred Olsen Energy ASA. This is expected to give Harland and Wolff the opportunity to secure the future of shipbuilding and related activity in Belfast in the short to medium term.
The new Business Plan calls for Harland and Wolff to focus future operations on five key areas. These are:
(1) Shipbuilding, ship assembly and ship completion activities, utilising the building dock, cranage and support facilities.
(2) The further development of ship repair and conversion facilities.
(3) Conversions and upgrades of offshore units such as semi-submersible oil rigs.
(4) The further growth of Harland and Wolff Technical Services Ltd, the Group's successful maritime design consultancy service.
(5) Establishing a presence in the offshore wind power market.
MJ Information No: 17153
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