Harland & Wolff Shipyard Announces Layoffs

The Northern Ireland based shipyard Harland & Wolff, owned by Fred. Olsen Energy ASA, has issued a 90 days protective notice of intention to effect a redundancy program, which may imply a reduction of the workforce from 386 to 121 employees from January 2003. The reason for the redundancy notice is the prevailing market conditions for the ship- and offshore markets.