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Displaying items by tag: Slashed revenue

The Harland and Wolff Group which among its shipyards includes the famous Belfast yard, recently announced that it has slashed expected revenues for 2022.

The shipyard group which has four yards on both sides of the Irish Sea, said supply chain problems have delayed work on some contracts.

According to BBC News, the group now expects to book full year revenues of between £29m and £31m when compared to September's forecast which was in the region of £65m-£75m.

John Wood, the chief executive said it was "disappointing that we have not met our aspirations due to timing issues". Wood however added that he was confident that deferred revenue would start getting booked in the first half of 2023.

Aside the iconic Belfast shipyard located on Queen's Island, H&W operates yards in Appledore, the north Devon shipyard (builder for the Irish Naval Service) and two sites in Scotland, Arnish on the Isle of Lewis and Methil on the Firth of Forth.

More on the story here and developments including the UK MoD naval contract.

Published in Shipyards

Shipyards

Afloat will be focusing on news and developments of shipyards with newbuilds taking shape on either slipways and building halls.

The common practice of shipbuilding using modular construction, requires several yards make specific block sections that are towed to a single designated yard and joined together to complete the ship before been launched or floated out.

In addition, outfitting quays is where internal work on electrical and passenger facilities is installed (or upgraded if the ship is already in service). This work may involve newbuilds towed to another specialist yard, before the newbuild is completed as a new ship or of the same class, designed from the shipyard 'in-house' or from a naval architect consultancy. Shipyards also carry out repair and maintenance, overhaul, refit, survey, and conversion, for example, the addition or removal of cabins within a superstructure. All this requires ships to enter graving /dry-docks or floating drydocks, to enable access to the entire vessel out of the water.

Asides from shipbuilding, marine engineering projects such as offshore installations take place and others have diversified in the construction of offshore renewable projects, from wind-turbines and related tower structures. When ships are decommissioned and need to be disposed of, some yards have recycling facilities to segregate materials, though other vessels are run ashore, i.e. 'beached' and broken up there on site. The scrapped metal can be sold and made into other items.