Harland & Wolff- Titanic's Shipyard Bailed Out By London Based Company

UK News

Harland, and Wolff, a shipyard, best known for building the famous Titanic, has been rescued from shutting down its operations because of a £6 million bailout

Written By Ruchit Rastogi | Mumbai | Updated On:
Harland and Wolff

A shipyard in Belfast, Harland, and Wolff, best known for building the famous Titanic, has been rescued from shutting down its operations because of a 6 million pound bailout by a London-based energy company.

A huge bailout

The world-famous shipyard was embroiled in a problem right after its parent company, Dolphin Drilling, filed for bankruptcy. 
But Infrastrata, a London Stock Exchange-listed firm, who primary project involves constructing a gas storage area, stated that it had thought about not laying off the 79 workers still a part of the shipyard and with that, the present number of workers to increase to more than 400. 

The Unite union applauded the yard's laborers for their positive attitude to keep it alive, including a nine-week demonstration that was intended to bring issues to light about its situation.

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Steve Turner, Unite's assistant general secretary, stated that he always felt that Harland and Wolff's workers would fight for their future and get something positive out of it. He further added that the laborers stood their ground when others were ready to give up. 

A long road ahead

He also said that a major chunk of their work was to get the shipyard up and running to its best possible capacity. 
InfraStrata's CEO, John Wood, said purchasing Harland and Wolff would cut the expense of work on the underground gas storage unit by up to 15%. 

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This is on the grounds that owning the shipyard will enable the organization to construct steel pipework in Belfast and get them by a freight ship, as opposed to purchasing parts from abroad and building them on the actual site.

The yard will likewise add to the organization's arrangements for a floating gas storeroom. As indicated by reports, The organization intends to build the size of the workforce by a few hundred throughout a span of five years. 

While the yard will at first make pipework and steel modules for the gas stockpiling plant, which includes compressing gas for capacity 1500 meters below sea level in salt beds and in addition to this, it was reported that the famous shipyard could go back to the process of shipbuilding

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