Harland & Wolff misses out on £120m Falklands contract in latest blow

Harland & Wolff has suffered a series of financial set backs.

The Falkland Islands Government has decided against awarding a £120million project to Harland & Wolff, despite previously naming the company as its preferred bidder.

Back in March the firm said it had been selected as the preferred bidder to provide new port facilities for the British Overseas Territory.

The FIPASS project involves the build, transportation, and installation of four floating pontoons, each measuring around 90metres each in length.

However, in a statement on Tuesday the firm said: "The Falkland Islands government and Harland and Wolff were unable to reach a mutually acceptable commercial position.

The news deal a further blow to the firm, which has published large loses in recent years.

Last week Harland & Wolff agreed a new $25m (£19.5m) loan which it said would help stabilise the business.

However, it said it would be shutting down it's Isles of Scilly Ferry service in the south of England with immediate effect as part of the process.

It came after the company had a £200m government loan rejected after Labour ministers decided it would be too risky for taxpayers to pay for.

In a statement regarding the failure to secure the contract, Harland & Wolff said: "Following a detailed review process, the Falkland Islands Government (FIG) have decided to cease further contractual negotiations with Harland and Wolff regarding the port replacement project.

"Harland & Wolff were initially identified as the preferred bidder for the marine-side tender in early 2024. However, despite productive discussions, FIG and Harland and Wolff were unable to reach a mutually acceptable commercial position. FIG acknowledges the effort and commitment demonstrated by Harland and Wolff throughout this process.

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