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Babcock looks to close Appledore shipyard as new contracts dry up

“Babcock International, the engineering business, is considering the closure of the Appledore shipyard in north Devon after its pipeline of orders dried up” writes Liam Halligan for telegraph.co.uk. Babcock purchased the Appledore shipyard in 2007 from American engineering business KBR. The shipyard entered receivership in 2003 due to a lack of new orders, and 550 staff were made redundant at the time.The closure of the shipyard could result in £20m of charges for Babcock, Liberum Capital analysts said. After its possible closure was first reported in The Sunday Times, a spokesman for Babcock said: “Babcock is in the final stages of successfully delivering the fourth offshore patrol vessel for the Irish Naval Service, LÉ George Bernard Shaw.
 
Source: telegraph.co.uk



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