Belfast-based shipbuilder Harland & Wolff is set to go into administration, the company confirmed on Monday.
It is the second time the iconic company, which built the Titanic, has entered administration in recent years.
Harland & Wolff is preparing to appoint administrators from Teneo this week and employees in certain non-core and central support areas are being made redundant. Further job losses may come at a later date.
Financial advisory group Rothschild and Co has been helping the company to assess its strategic options.
The company intends to focus on preserving its core operations, namely its four shipyards (in Belfast in Northern Ireland, Appledore in England and Methil and Arnish in Scotland) and its interests in the Islandmagee gas
storage project in County Antrim, Northern Ireland.
Its non-core activities include a ferry service in the Isles of Scilly, a small business in the US and a marine services business.
The board believes there is a “credible pathway” for the shipyards to continue trading under new ownership.
However, shareholders are likely to see the value of their investments in the business wiped out.
Shares in Harland & Wolff have been suspended from trading on AIM since July.
