(Alliance News) - Harland & Wolff Group Holdings PLC on Thursday said it would not bid for Isles of Scilly Steamship Company Ltd.
The London-based fabrication company, which serves the maritime and offshore industries from yards in England, Northern Ireland and Scotland had previously said it was considering the opportunity to build and/or operate ferries to service the Isles of Scilly to Penzance route.
Isles of Scilly Steamship operates the principal shipping service from Penzance in Cornwall to the Isles of Scilly.
It believes the route is significantly underserved by the current operation, operated by ISSCL.
The company said it still sees clear strategic, operational and financial rationale for the proposed acquisition and is disappointed that the board of ISSCL unequivocally rejected its proposal.
In November, Isles of Scilly Steamship said it did not believe the approach was in the best interest of its shareholders.
As a result, Harland & Wolff is no longer considering a bid.
Instead, it continues with its plans to offer a fast ferry service on the Penzance - Isles of Scilly route as well as offer dedicated freight service on this route.
Shares in Harland & Wolff fell 0.9% to 11.65 pence in London on Thursday afternoon.
By Jeremy Cutler, Alliance News reporter
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Harland & Wolff (HARL)