LONDON: Iconic shipbuilder Harland and Wolff, famed for constructing the doomed Titanic, said on Monday it faced renewed financial difficulties, forcing it to offload non-core assets to preserve its shipyards.

The Belfast-based company said in a statement that it was appointing outside administrators to help sell or wind down non-core assets, including its Scilly Ferries business.

Harland and Wolff`s interim executive chairman Russell Downs said `extremely difficult decisions have had to be taken to preserve the future of` its four UK shipyards, including the Belfast site on which the Titanic was built in 1912.

`The group faces a very challenging time given the overhang of significant historic losses and its failure to secure long term financing,` he added. The group statement said that the shipyards could still be sold.

Harland and Wolff `is insolvent on a balance sheet basis per its last audited accounts and most recent management accounts`, it added.

`Accordingly, contingency planning for the making of an administration order and appointment of administrators... is underway for the company. This process will likely commence this week.` As well as building the Titanic, Harland and Wolff built its two sister ships Olympic and Britannic, and also supplied almost 150 warships during World War H.-AFP