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12/10/2001
Olsen step in clear debts of Harland & Wolff
Belfast shipyard Harland and Wolff (H&W) has finally cleared its debts after main shareholder Fred Olsen Energy (FOE) stepped in to clear £20 million of H&W’s loans.
FOE picked up 20 million shares at one pound each, when it made the purchase through two companies Atlan Shipping and Aztlan Shipping, which FOE owns outright.
The Belfast shipyard has now cleared almost £90 million in debt since the start of the year.
Following completion of the rights issue by H&W and the buyback of H&W shares currently held by a Market Making Trust, it is anticipated that FOE's ownership in the yard will increase from 70.8 per cent to 92.2 per cent.
Harland and Wolff is currently building two roll-on roll-off ferries for the Ministry of Defence, due to be delivered late next year.
The company is also currently in the process of bidding for a series of contracts to try and ensure a seamless continuation of steel work when that element of the ferry construction ends next year. (MB)
FOE picked up 20 million shares at one pound each, when it made the purchase through two companies Atlan Shipping and Aztlan Shipping, which FOE owns outright.
The Belfast shipyard has now cleared almost £90 million in debt since the start of the year.
Following completion of the rights issue by H&W and the buyback of H&W shares currently held by a Market Making Trust, it is anticipated that FOE's ownership in the yard will increase from 70.8 per cent to 92.2 per cent.
Harland and Wolff is currently building two roll-on roll-off ferries for the Ministry of Defence, due to be delivered late next year.
The company is also currently in the process of bidding for a series of contracts to try and ensure a seamless continuation of steel work when that element of the ferry construction ends next year. (MB)
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