Wednesday 23 October 2019

Valuers aboard for Harland & Wolff sale

A crane at Harland & Wolff
A crane at Harland & Wolff

Margaret Canning

A team of business advisers is carrying out a valuation of Belfast's Harland & Wolff ahead of a likely disposal by its parent company this year, the Irish Independent can reveal.

Accountants have been sent in to carry out the work to establish the asking price of Harland & Wolff Heavy Industries Ltd, which is to be sold as part of restructuring by Norwegian parent company Fred Olsen Energy. Harland & Wolff covers two sites on Queen's Island in east Belfast, including the Belfast Repair Dock where some ship work is still carried out, including the current refit of some Stena Line ferries.

A spokesman said H&W would not be commenting, but the Irish Independent understands the sale process is moving forward with inspections to establish its value. The site's evaluation comes as ferry giant Stena Line announced it had started work on a £5m refit of its ferry fleet at Harland & Wolff.

Over the course of 10 weeks, five Stena Line vessels will be kept in H&W's dry dock while refurbishment and maintenance is carried out. Stena Line trade director Paul Grant said: "Regular ship refits are an important element in our ship management operation which helps to maintain our excellent reliability."

Irish Independent

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