H&W Announces Restructuring Plans, Cuts 600 Jobs

Following the positive award from the Arbitration Panel in relation to monies owed by Global Marine in respect of the delivery instalment for the Glomar Jack Ryan drillship, the board and management of Harland and Wolff have been considering how best to progress the restructuring of the group in such a manner as to afford the maximum opportunity to establish a profitable, viable and sustainable shipbuilding business at Harland and Wolff and also to further progress the development of Titanic Quarter. As a result, Harland and Wolff Holdings plc will proceed with a restructuring of operations which seeks to meet these objectives based on current workload. An immediate down-sizing to a core workforce of approximately 600 employees will occur, necessitating a redundancy of some 600 personnel. It has been confirmed that assistance will be forthcoming, through the Department of Higher and Further Education, Training and Employment for Northern Ireland to facilitate payment of employees statutory redundancy entitlement. It is anticipated that the redundancy process will be concluded by 5th October.