Harland & Wolff awaits outcome of arbitrationYard News // September 7, 2000
An arbitration hearing beginning the week of 04 September was expected to decide the fate of the yard.
The hearing in London was addressing the dispute between Harland & Wolff and Global Marine over the non-payment of monies due on the drill ship Jack Ryan. The sum in question is believed to be around £23 million.
Harland & Wolff says Global Marine's failure to make these payments has caused the yard severe financial problems, and Harland & Wolff's owner, Fred Olsen Energy, says it will only fund the yard on an interim basis.
The Belfast yard has a ferry order and Letters of Intent for two small cruise ships, but cannot survive unless Global Marine produces the payment on the ship it has withheld.
The dispute between the yard and the owner arises from cost over-runs in the construction of the drill ship.
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