Titanic shipyard in crunch talks to reduce energy costs

THE Belfast shipyard that built the Titanic is scrambling to secure cheaper energy contracts after missing out on a government bailout scheme.

Harland & Wolff said it is “actively negotiating with its energy suppliers on energy costs” as broad taxpayer support comes to an end later this month.

The Government is replacing a general subsidy on offer to all businesses with a scheme targeted at around 300 energy-intensive companies such as steelmakers. However, shipbuilding is not on a list of industries that are eligible.

Harland & Wolff, which is hoping to break even next year after repeated losses, said it hopes that lower costs will feed into energy contracts across the yard throughout 2023.

John Wood, the London-listed company’s chief executive, insisted that the “Harland & Wolff machine is really starting to hum” after a turnaround battle since it was bought from receivers three years ago.

Harland & Wolff reiterated revenue targets for 2023 and 2024.