Harland & Wolff Group Holdings PLC (AIM:HARL) has lost a £120 million contract from the government of the Falkland Islands.
The embattled shipbuilder confirmed negotiations over its bid to take on the replacement port project had been unsuccessful on Tuesday.
“Despite productive discussions, FIG and Harland and Wolff were unable to reach a mutually acceptable commercial position,” a statement from the company read.
Harland & Wolff, which owns the Belfast shipyard where the Titanic was built, had initially been selected as the preferred bidder for the project earlier this year, the company added.
This comes after Harland & Wolff has already struggled under financial pressure recently, which led to the firm cancelling its fast ferry service between Penzance and the Isles of Scilly last week.
An emergency US$25 million (£19.5 million) extension to its credit facility with lenders was announced at the same time, which the company said would help stabilise the business.