Clive Palmer’s Titanic II remains a dream as shipyard rejects contract
Clive Palmer’s Titanic ambition has ebbed and flowed for 15 years, but five months after reviving his plans to build a replica of the ocean liner, the ship remains a dream.
The dream was to recreate the Titanic, with Turkish baths, smoking rooms and opulent dining halls.
When mining tycoon Clive Palmer revived his plans to build a replica of the ocean liner, he hired a room in the Sydney Opera House last March and screened a lavish video.
The film, with computer-generated animations of people in 1900s attire, explained the ship’s specifications, including a “lifeboat overview”.
Mr Palmer said: “It’s a lot more fun to do the Titanic than it is to sit at home and count my money.”
His Titanic ambition has ebbed and flowed for 15 years, but five months later the ship remains a dream.
Mr Palmer, 70, is not often denied. He has been dismissed, however, by Harland & Wolff in Belfast, the Titanic’s builder. He claims the shipyard, which faces insolvency, has rejected his offer of a bailout and contract to rebuild the ship. Mr Palmer said he was considering giving a $200m lifeline to Harland & Wolff and had proposed a $1bn deal to build Titanic II.
The shipyard has been pleading with the UK government to guarantee a £200m ($388m) loan to prevent it entering administration. Mr Palmer has acquired a 3 per cent stake in the company but it has refused to have a meeting with him to discuss the offer.
“They are clearly in dire straits,” the tycoon said. “As Harland & Wolff shares are currently suspended, I would have thought it would be in the interests of the shareholders that additional capital arrangements could be made to secure the company’s future.
“These actions should raise alarm bells. It appears to me that the company and its advisers are not acting in the best interests of shareholders. There should be a government inquiry.”
The shipyard, which last week increased its loan package by £19m to stave off corporate undertakers, is clearly a beggar but seems to regard itself as a chooser.
Titanic II was to have been an exact reproduction of the ill-fated vessel that sank on April 15, 1912, after hitting an iceberg on its maiden voyage.
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