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Since 2019, the company has amassed debts of around $100m (£79m) with an effective interest rate of 14pc.

It was announced in December that the Government had agreed in principle to underwrite a £200m refinancing subject to final approvals.

But last week the Telegraph revealed that the support package has been held up by a legal row, with government lawyers concerned that providing taxpayer backing to Harland & Wolff will breach state aid rules.

That is partly because of the company’s plan to launch a ferry service in the Isles of Scilly.

In a letter to the Government, rival ferry provider the Isles of Scilly Steamship Group argued that any attempt to help Harland & Wolff financially would amount to unfair competition and breach state subsidy laws.

Harland & Wolff insists the ferry venture is being kept separate and would not benefit from its refinancing.

But in recent weeks, the Treasury has been refusing to sign off the loan guarantee because of the legal risk – pitting it against officials in the defence, business and Northern Ireland departments which have been pushing for approval.

The paralysis has plunged the company into turmoil and raised questions about its ability to deliver the £1.6bn Navy contract.

Mr Wood has hit back at reports a failure to secure the loan will prompt the company’s collapse, branding them inaccurate and misleading.

A report by the company’s auditors last year warned that without the refinancing there was “material uncertainty” about its ability to continue as an ongoing concern.

A spokesman for Harland & Wolff said: “Discussions with the Government regarding the UKEF EDG are continuing and positive.

“Business as usual continues across all of our sites and great progress is being made on delivery of contracts. Every yard is busy with fabrication work and each is crucial for the delivery of the FSS Programme and our strategy to work across five markets and six services.

A government spokesman declined to comment.

The loan guarantee – which is being sought from government agency UK Export Finance – is unusual because most agreements of this kind only cover 80pc of the total borrowings.

In an email to employees last week, seen by the Telegraph, Mr Wood said the taxpayer support was a key component of his company’s efforts to refinance its high-interest borrowings.

He also admitted that talks with the Government had dragged on for longer than expected but said that he remained “confident in a positive outcome”.

Mr Wood added: “We know that all Harland & Wolff’s yards needed (and continue to need) significant investment to make them match fit.

“The challenges Harland & Wolff faces today are typical of those experienced since its inception, particularly the substantial funding required to rebuild shipyards across Northern Ireland, England, and Scotland.

“Refinancing at this point in our journey has always been planned, and the [loan guarantee] is a crucial part of this strategy.”

Such a move would deal a major blow to the company’s turnaround strategy under chief executive John Wood, who has sought to build up a pipeline of work from multiple industries to spread risk more evenly.

The contingency plan has emerged as talks about the company’s fate continue in Whitehall, with the hope of a resolution in the coming weeks now dashed by the impending general election on July 4.

Harland & Wolff, which Mr Wood’s company bought out of administration in 2019, currently runs facilities in Belfast and Appledore in Devon, as well as the Arnish and Methil sites in Scotland.

The Scottish yards are largely focused on making components for wind turbines, as well as barges, with the company hoping to benefit from a slew of offshore energy work in the North and Irish seas.

But a source said managers have admitted those sites would be likely to close if the company fails to secure the government loan guarantee. They employ about one-third of its total workforce.

Harland & Wolff is pinning its hopes on securing £200m of new loans that would be 100pc underwritten by UK taxpayers, with the company unable to land this debt without state backing.

Struggling shipbuilder Harland & Wolff will be forced to close its yards in Scotland and focus exclusively on work for the Royal Navy if a £200m funding lifeline falls through, bosses have warned.

The company – best known for building the Titanic – is understood to have told workers that in a “worst case scenario”, where it cannot secure a loan guarantee from the Government, the Arnish and Methil facilities will shut, putting around 500 jobs at risk.

At the same time, Harland & Wolff would have to pare back various commitments, such as a contract to build a floating port for the Falkland Islands, to focus on a £1.6bn Navy contract for three fleet solid support (FSS) ships.

Daily Yelegraph article published 2:17pm. Maybe someone can share.

See link to Correspondence Robert Buckland to Grant Shapps

Historically there has only been one prime, Thales, based in Northern Ireland (the strategic

importance of which has been brought to the fore by the recent war in Ukraine). That situation

previously limited opportunities for defence expenditure, but the recent emergence of Harland

& Wolff and Spirit AeroSystems into the defence market and its increasingly vibrant SME

landscape means Northern Ireland now presents considerable potential to be leveraged

During our inquiry we also took evidence from Harland & Wolff who will be delivering part of

the Fleet Solid Support Ships programme for the Royal Navy. Giving evidence to us in April,

Professor Trevor Taylor of RUSI stated that "the potential to re-establish shipbuilding in

Northern Ireland rests on this contract”.3 Recruitment of staff at the site to deliver the

programme, including apprentices, is well underway, and we witnessed the preparations

firsthand as part of a visit to the shipyard in Belfast. However, recent press reports surrounding

the Government’s decision on a potential £200 million loan facility from UK Export Finance has

created uncertainty and clarity on this is urgently needed from HM Treasury.

Given the premature end to our inquiry, we are keen to do right by those who took the time to

contribute to our inquiry, by ensuring that the evidence we collected is still put to good use and the recommendations made by stakeholders properly considered by policy makers in Whitehall.

Partial Extract

Https://committees.parliament.uk/committee/120/northern-ireland-affairs-committee/news/201707/findings-of-inquiry-to-address-defence-spending-disparities-for-ni-published/

Not aware of that one Bubble.

Https://committees.parliament.uk/work/8098/renewable-energy-and-net-zero-in-northern-ireland/news/201700/findings-of-renewable-energy-in-northern-ireland-inquiry-published/

Northern Ireland is committed to generate 80% of its energy consumption from renewable energy by 2030, but the Committee noted that it was unlikely to meet the target in a letter to interim Economy Minister Deirdre Hargey.

Writing to Ms Hargey, Committee Chair Sir Robert Buckland drew out three key themes identified by witnesses to the inquiry that are obstructing Northern Ireland’s energy transition along with some ideas to remedy them:

Inadequate infrastructure to support NI’s net zero transition, where the Committee cautioned that NI should rely on a broader renewable energy strategy;

An unsupportive policy environment, including a disjointed planning system “weighed down with delays”; and

A lack of consumer awareness.

Https://www.offshore-energy.biz/peel-ports-natpower-to-create-first-green-shipping-corridor-between-uk-and-ireland/

The first Irish Sea routes identified in the proposals include Belfast-Heysham and Dublin-Birkenhead.

The plans mark the first step in a new £3 billion global charging network, planned by NatPower Marine for 120 port locations worldwide by 2030. NatPower Marine will develop the sites, in partnership with port operators, and act as the long-term operator of the global charging network.

NatPower Marine is investing to deploy the largest global network of charging points to help solve the ‘chicken and egg conundrum’ facing this industry: shipping lines cannot electrify their vessels if port charging infrastructure is not available, and ports are unable to raise capital for charging infrastructure without certainty of demand from shipping lines,” Stefano Sommadossi, CEO at NatPower Marine, said.

“With marine trade set to triple by 2050, we urgently need to build the global network of clean energy charging infrastructure the industry desperately needs. Our partnership with Peel Ports Group is the first step in this strategic approach to accelerate the adoption of clean energy in shipping and help cargo owners to reach net-zero.”

“The proposals presented as part of this partnership are potentially game-changing, and fully support our ambitions to become a net-zero port operator by 2040. We look forward to working closely with NatPower Marine to explore the possibilities for establishing the first green shipping corridor between the UK and Ireland, and further enabling support for our customers, shipping lines and hauliers as they transition to a greener future,” Claudio Veritiero, CEO at Peel Ports Group, commented.

Partial extract.

Thanks Si_D

This hasn't happened yet has it?, thanks

Https://www.newsletter.co.uk/recommended/lifestyle/video-story-samson-the-larger-of-harland-and-wolffs-iconic-cranes-has-just-turned-50-4642135

Https://www.thecrownestate.co.uk/our-business/marine/supply-chain-accelerator-fund

First funding round

We’ve launched an initial £10million first round of funding that will be specifically aimed at UK projects that could support floating offshore wind in the Celtic Sea.

The application process opens formally in mid-June and closes at the end of July. Successful projects will be announced from October 2024 following assessment of applications, negotiation of funding agreements and necessary approvals.

Our Accelerator will provide matched funding of up to £1m per project to UK supply chain projects to help them undertake the early-stage development works necessary to get them “investment-ready”. We will also be asking for an option to participate in the capital investment phase of projects that are taken forward.

A further £40million has been earmarked for further funding rounds aligned to the Industrial Growth Plan, which sets out how to triple offshore wind manufacturing capacity over the next 10 years.

Good speech, ending with don't allow leaders to have defence spend as a nice add on "when economic circumstances allow". You don't say that for NHS or education and you certainly shouldn't say it for defence.

Amendment to Gas Northern Ireland Order 1996 is made to ensure that the right primary legislation is in place should government decide to introduce the Hydrogen Gas Shipper Levy in Northern Ireland.

Oil and Gas Overlaps with Offshore Wind Projects.

See alsilo there is a statement from Secretary of State for Energy Security and Net Zero on Gas Overlaps with Offshore Wind Projects.

Harland and Wolff LinkedIn, 1 hour ago

Our CEO John Wood has been speaking to delegates at #CNE24 this week, where he gave an interview with Defence Leaders.

It’s business as usual at Harland & Wolff

Https://www.northernirelandchamber.com/event/election-hustings/

Mission : Business Growth, Thurs 30th May, Northern Ireland and the next Westminster Parliament