Member Info for stokey12

SYN00GOLD ref 07.56 post I found this sentence particularly interesting 'The new financing is part of a larger effort to stabilise the liquidity of Harland & Wolff and help facilitate a long-term capital solution.' So the additional funding is part of the capital restructuring. That being the case that would seem to preclude the prospect of admnistration for HARL for the short term as all the people who can apply for administrators to be appointed are looking at a capital restructurng.

Sanchopanza ref 07.28 post That is one point of view I am keeping an open mind and watching how things develop. I would observe that Navantia has not so far as we know indicated that they are cancelling the FSS sub contract. Also the unwinding of the disaster foray into running a ferry service is also a positive. I am of the view that we should have a clearer idea in about a month.

This post from LinkedIn may put current issues into perspective

Harland & Wolff 40,264 followers

1 hour ago

🚢 Harland & Wolff's legacy and future ✨

Last week, we had the opportunity to welcome Dr. Tom McCluskie MBE to our Belfast site. Dr. McCluskie dedicated 38 years to Harland & Wolff, starting as a mail boy and rising to head of the draughting department, eventually retiring as admin and archive manager. He even served as a technical consultant to James Cameron on Titanic.

Returning to the yard he grew up in was an emotional afternoon for him and educational one for us. Dr. McCluskie recounted amusing stories, such as the mystery of the Steinway piano, which was installed into a ship via a large hole cut in the side, only to go missing without a trace the next day, never to be found. He also shared lived experience stories about fluctuating fortunes of the UK maritime industry over years and how Harland & Wolff has always weathered the storm. It was fascinating to receive an education from the man who knows our Belfast site better than anyone.

One thing stood out during our conversation: Harland & Wolff's enduring resilience. From its heyday to today, overcoming challenges has defined the company. Our black and yellow cranes, Samson and Goliath, stand tall as proud symbols of a relentless spirit and determination embedded within both H&W and the people of Belfast, who together built the most famous shipyard in the world.

Reflecting upon his career at H&W, Dr. McCluskie noted:

"H&W runs through the blood of the citizens of Belfast and the greater community it serves. The two giant cranes on the skyline mean you are home ... From the very beginning the company had a 'can do' philosophy which is as true today as it always was. Impossible is a word not understood or ever used in Harland and Wolff."

Thank you, Dr. Tom McCluskie, for reminding us of who we are and inspiring us as to where we are going.

hashtag#HarlandAndWolff hashtag#Belfast hashtag#Heritage

The link is https://www.cityam.com/bank-of-england-cuts-interest-rates-for-first-time-since-march-2020/

This is the reporting from CityAM on the Bank of England decision on interest rates. It was a 5-4 decisioon to cut rates. The question is what if anything is the correlation between the Bank Base rate and SOFR. Prior to this cut while the base rate was 5.25% the SOFR was at 5.33%. So will the SOFR rate also go down and thereby reduce the interest payable by HARL?

Medjed ref 08.46 post The FSS manufacture sub contract is as far as I know still in place. For technical/political reasons I do not see Navantia pulling it.

LSE03 ref 07.50 post I noted that it was not mentioned directly in the RNS. That said it would seem to come under the term non core. I suspect that a trade sale would be done.

This is the report from CityAM https://www.cityam.com/harland-and-wolff-titanic-shipbuilder-staves-off-collapse-after-securing-emergency-20m-loan/

Welcome news. The refocusssing of the company on the core business areas is good. Hopefully as the other non core areas are wound down any money recovered can be used to pay down debt.

LSE03 ref 12.40 post yes it is a good sign that jobs are being advertised must be confident that HARL will be around for sometime.

Randerson19 ref 08.36 pst the contact email address is HARLshareholders'hotmail.com you will need to provide evidence of your shareholding as well as your name.

Si_Derman ref 07.39 post tahnks for this. As far as I am concerned then jury is out on the new management team. From what I have seen there is very little change when it comes to engaging with the shareholders. I am starting to get the feeling that the shareholders are going to be kept in the dark until they are needed to vote on something. I would have thought to show a change from the previous management they would want to engage with the shareholders and take them with them on the new strategy.

Liked by Ben Murray on LinkedIn

KBS Maritime 2,630 followers

1 hour ago

📅⚓🥳Delivery Day!!

The new cable barge, specifically designed to support operations at HM Naval Base Portsmouth, has arrived at the base. This project is a result of the collaborative efforts of the KBS Maritime Project and Operational teams, with support from Attis, and the build by Harland & Wolff. The design, inspired by the long-serving existing cable barge, incorporates significant enhancements to boost the Naval Base’s operations.

Don’t be fooled by its seemingly simple design. The 2️⃣ 6️⃣-metre cable barge is an essential asset for the Royal Navy. Its operation engages specialist teams who rightfully anticipate its high performance and the safety it ensures. A significant amount of effort has been dedicated to devising the optimal solution.

In the coming month, the barge will be put through a series of trials and commissioning tests. Upon successful completion, it will commence its duties across the Base later this summer.

A big shout-out to the amazing team at Harland & Wolff Appledore. Keep an eye out for more updates!

📷 KBS Maritime Project and Design Team, Harland & Wolff Project Team, Attis - Principal Designers & Safety Experts, and the Naval Base Operational Teams from both KBS Maritime and BAE Systems.

Just seen this on LinkedIn https://www.linkedin.com/feed/?highlightedUpdateType=SHARED_BY_YOUR_PAGE&highlightedUpdateUrn=urn%3Ali%3Aactivity%3A7223976455343337472 The post says

'SOWEC 2,628 followers

1 hour ago

It’s great to be in Glasgow talking collaboration and the Strategic Investment Model (SIM).

We’re here running a workshop for 19 Progress projects - a fantastic group of Scottish supply chain and port companies - to help them move forward in collaborative discussions with offshore wind projects and other partners. hashtag#offshorewind hashtag#scotland.'

I believe this would include both Methil and Arnish which could lead to a JV t move forward with some of the projects that JW kept referring to.

Bubble2021 ref 16.19 post the MoD will still need to make savings in back office spending. I do not see any increase in defence spending before 2026 in my view.

I was just checking to see if the leadership team had been updated on the website. Looking at this page https://www.harland-wolff.com/meet-the-team/ it looks like there has been a reduction in the number of senior managers.

LSE03/Si_Derman sounds like the FID was to at best mothball the project which in view of what happened a few years later may not have turned out to be a wise decision.

As HARL looks to find a way out of its financial problems I have a question for those who have been in this share for over three years. Around 2021 HARL had a FRSU project then JW decided not to take it forward. Does anyone know how advanced was it. I recall seeing someting about an option on some land but did it progress beyond the planning stage. In the accounts for FY22 there is a reference to it in the notes to the accounts. I do not recall anything about it being sold off.

The following question was asked by the new Member for North Durham following Kevan Jones deciding not to stand for reelection. I do actuallyn know this member from his time on Hackney Council.

To ask the Secretary of State for Defence, what assessment he has made of the adequacy of contractor delivery as part of the Fleet Solid Support Programme.

Answer

Maria Eagle

Labour

Liverpool Garston

Commons

Answered on

22 July 2024

The prime contractor, Navantia UK, is contractually obligated to deliver the Fleet Solid Support ship manufacture contract. The Ministry of Defence is well engaged with Navantia UK and members of their supply chain to monitor the progress of all aspects of the programme.

Shipbuilding supports 42,600 jobs nationwide, adds £2.4 billion to the economy every single year, and is an important pillar of our civil and defence industrial base. We are committed to supporting vibrant and successful shipbuilding and fabrication industries, and our skilled workforces who deliver them, in all parts of the UK.

It is worth reiterating that there is no direct contractual relationship between MoD and HARL. As the contractual relationship is between Navantia (UK) Limited and HARL it will need to satisfy Navantia that current financial difficulties aside it can still perform its obligations under the manufacture sub contract. If Navantia has indicated that it will not cancel the contract then this might help in HARL keeping the FIPASS contract.

Commonsensical ref 16.03 post actually the equation is 26% of 173,050,000 = 44,993,000. This is enough shares to block any special resolutions.