Harland and Wolff win contract to modernize oil ships worth £61m

Harland and Wolff – best known for building the Titanic at their Belfast shipyard – has won a £61 million contract to modernize an oil storage ship.

The renovation of SeaRose – a so-called floating production storage and unloading vessel – is scheduled to begin in early 2024.

The ship will remain in the shipyard’s construction dock for at least three months.

The project will require around 1,000 workers at its peak – a much-needed boost for the shipyard operator.

The company warned last month that construction of new cruise ships had “stagnated” amid rising interest rates.

Historical: Harland and Wolff built the Titanic at their shipyard in Belfast

Instead, “operators are increasingly decommissioning old ships and overhauling other vessels as part of their mid-life upgrades,” the company said, adding that it “should benefit from this trend.”

The company has opened offices in Southampton and Miami to compete for more business in the industry.

The company announced the plans as it reported widening half-year losses of £31.5m, up from £17.6m a year earlier, despite revenue rising 65 per cent to £25.5m.