Titanic shipbuilder Harland & Wolff's CFO resigns

Harland & Wolff said on Wednesday its finance chief Arun Raman has resigned from the beleaguered British shipbuilder, which is struggling to stay in business.

The company, known for building the Titanic, had last month expressed its inability to finalise its 2023 accounts on a going-concern basis, while its shares were suspended on London’s Alternative Investment Market in July.

The company, which survived closure in 2019, sent its CEO on leave in July and named restructuring expert Russell Down as interim executive chairman to oversee a recapitalisation effort to secure a sustainable financial footing.

Harland & Wolff, headquartered in London with sites in Belfast, Arnish, Appledore, and Methil. It specializes in ship repair, shipbuilding, and offshore construction.

Founded in 1861 by Edward James Harland and Gustav Wilhelm Wolff in Belfast, Northern Ireland, Harland & Wolff became famous for building the majority of the ocean liners for the White Star Line, including the RMS Olympic, RMS Titanic, and HMHS Britannic. However, the company experienced significant decline in the late 20th century due to economic factors and competition from foreign shipyards.

Today, Harland & Wolff continues to operate as a major shipbuilding and engineering company, focusing on offshore construction and ship repair projects. The company has been involved in various large-scale projects, including the construction of offshore wind turbines and floating production storage and offloading (FPSO) vessels. Harland & Wolff’s Belfast shipyard is a significant employer in Northern Ireland and plays a vital role in the local economy.