On 16 September 2024, the Company announced that the Board had concluded the Company is insolvent on a balance sheet basis and accordingly, contingency planning was underway to place the Company into administration. As of today, 27 September 2024, the Company has appointed Gavin Park and Matt Cowlishaw of Teneo Financial Advisory Limited as Joint Administrators to the Company.

The Company is an AIM-quoted parent company for a group which specialises in shipbuilding, ship repair and marine engineering. It is a non-trading holding company and is the only entity to which administrators have been appointed.

The Company's subsidiaries in Northern Ireland (Belfast), Scotland (Arnish and Methil) and England (Appledore) are not subject to insolvency processes and are continuing to trade under the control of their directors.

At the date of appointment, the Company had 66 employees. The Administrators will unfortunately be required to reduce the headcount upon appointment. A number of employees will be retained to provide certain required services to the operational companies under a transitional services agreement with the Administrators.

Rothschild & Co was engaged on 25 July 2024 to assess strategic options for the Company and its subsidiaries. This process remains ongoing and further updates will be made as appropriate. Following today's appointment of Administrators, the Company reconfirms its position that the strategic review will not result in any returns to shareholders of Harland & Wolff Group Holdings plc.

KeyFacts Energy Industry Directory: Harland & Wolff