Harland & Wolff cuts revenue forecast due to delays
The revival of famed shipbuilder Harland & Wolff is sailing into turbulent waters. Supply chain constraints have affected one major contract, while geopolitical uncertainties and inflation have forced the deferment of others
A Harland & Wolff shipyard in UK
London – The revival of famed shipbuilder Harland & Wolff is sailing into turbulent waters. Supply chain constraints have affected one major contract, while geopolitical uncertainties and inflation have forced the deferment of others.
These headwinds have had an impact on the timing of the company's projected revenues, reducing its top-line numbers for 2022. Harland & Wolff, which has been on a turnaround trajectory since it was acquired out of bankruptcy in 2019, announced in a trading update that a $66 million project to regenerate the former Royal Navy mine-hunting vessel "HMS Quorn” is facing challenges.
The company is temporarily unable to undertake “certain key workstreams” due to lack of materials and specialized OEM parts. Global supply chain issues are to blame, the firm said. The company was awarded the contract to renovate and restore "HMS Quorn” in August.
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