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The 163 year old British ship maker that built.
The Titanic said that it’s insolvent after
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failing to acquire the funding needed to stay
afloat.
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Harland and Wolff, a Belfast company that
specializes in ship repair ship building and
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offshore construction said the rejection of its
request for a $264 million facility from UK
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Export finance has left the loss making company
in a difficult financial position.
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The company has four shipyards and its current
operations include a plan to build three FSS
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vessels, converting the HMS Corn Atherstone for
the Lithuanian Navy and delivering barges and
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other projects.
The FSS project is of particular importance to
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Harland and Wolff which said it would see more
than 6 million hours deployed at its Belfast
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and Apple shipyards in delivery of the vessels.
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The company said the project would generate a
quote wealth of learning experience and
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expertise across many aspects of shipbuilding
which will endure for years to come.
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But preparations for the FSS project have been
at a standstill since July and now Harland and
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Wolff is facing the difficult decision to
reduce headcount in non core and certain
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central support areas.
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The company said a further reduction in
headcount in its core activities may be
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necessary depending on the outcome of some
strategic objectives.
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As CNN points out, this isn’t the first time
that Harlin and Wolf has faced the possibility
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of bankruptcy.
The company was preparing to restructure in
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2019 before UK Energy Company infraseptal
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in more than two decades, Harlan and Wolf has
been a prolific shipbuilding company since it
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was founded in 1861 by Sir Edward James Harland
and Gustav Wilhelm Wolff.
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But its most famous project was the R MS
Titanic, which along with the R MS Olympic were
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at the time the largest vessel construction
projects ever undertaken.
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The Titanic of course sank in 1912.
I’m Ben Munson and this is manufacturing now.