H&W in profit

Harland & Wolff moved into profit in the last quarter of 2004 but lost money for the year as a whole, according to results posted today. Fred Olsen Energy, the Norwegian company that owns H&W, gave the details in its preliminary results for 2004.

The data showed that its engineering and fabrication division, which comprises H&W, had made a pre-tax profit of £246,000 in the final three months of the year.

For the year as a whole, the division recorded an operating loss before depreciation amounting to £950,000. For the year, Olsen Group as a whole posted an operating profit before depreciation of £46.3m.

The report said that contract volume had increased during the final quarter at H&W, which specialises in engineering and ship repair. In December the company won a contract to repair and upgrade two large semi-submersible oilrigs at Queen’s Island.

The contract, from Dolphin Drilling, involved the inspection, repair and upgrade of Byford Dolphin and Borgsten Dolphin. Olsen Energy said Byford Dolphin had now completed its five-yearly renewal programme and was available for new contracts.

Borgsten Dolphin is still receiving attention and is expected to leave Belfast in March.