The struggling shipbuilder denied a £200 million government loan guarantee, has engaged an investment bank to explore “strategic options,” including a potential sale.

Murphy expressed optimism, saying: “I hope we will soon see positive announcements. While we lack specific insights, there is a strong sense of commercial interest. The Government’s commitment to growing the shipbuilding business could attract commercial interest, potentially safeguarding jobs and expanding the industry.”

Michael Flacks of the US-based Flacks Group has shown interest in the shipyard, expressing to the Belfast Telegraph his willingness to buy the Belfast yard and convert it into a ship repair facility. MJM Marine, which previously bid for Harland & Wolff in 2019, has declined to comment on the possibility of a new bid.

Scottish First Minister John Swinney has also emphasized the joint commitment of the UK and Scottish Governments to protect jobs at Harland & Wolff. He mentioned that Deputy First Minister Kate Forbes has been in discussions with the UK Government to secure employment at the company’s sites.

Harland & Wolff operates a shipyard in Belfast and owns two fabrication sites in Scotland (Methil, Fife, and Arnish, Lewis) as well as Appledore in North Devon. Chief Executive John Wood is currently on leave, with industry expert Russell Downs stepping in as interim executive chairman.

The company is part of a consortium, including Spanish shipbuilder Navantia, which has secured a contract to build fleet solid support (FSS) ships for the Royal Navy.

Swinney, addressing journalists, confirmed that multiple discussions have taken place between Forbes, the UK Government, and trade unions to support Harland & Wolff. He emphasized the priority of supporting employment at Arnish and Methil, in cooperation with the UK Government where possible.

In a statement to Westminster, Business Secretary Jonathan Reynolds explained the government’s rejection of the loan guarantee request, citing the “substantial risk that taxpayer money would be lost.” He stated that the government believes the market is better suited to address Harland & Wolff’s commercial issues.