Harland & Wolff loses contract

Harland & Wolff has lost a potential £120 million contract with the Falkland Islands Government for a port replacement project, after failing to reach a mutually acceptable commercial position despite being named the preferred bidder earlier this year. The cancellation adds to the shipbuilder's ongoing financial struggles, which recently included the cessation of its ferry service to the Isles of Scilly and the departure of its CEO, John Wood. The company has secured a $25 million emergency extension to its credit facility, bringing its total debt to $140 million, amid increasing scrutiny and pressure from creditors. Harland & Wolff, historically significant for building the Titanic, remains in crisis, with its shares suspended due to failure to produce audited annual results and reported pre-tax losses of £43 million in 2023. The loss of the Falkland contract follows a decision by the UK government to deny a £200 million loan guarantee, leaving the company seeking strategic alternatives for recovery.