It has appointed Rothchilds bank to review strategic options which could include a sale of the business.
Its main operation is in Belfast and it also has yards at Appledore in the west of England and at Methil and Arnish in Scotland.
In 2023 it was part of a consortium which won a major contract to build three Royal Navy support ships.
The company has had to invest significantly to prepare for that work which has contributed to its large losses.
It had also taken on loans from Riverstone which charge a high rate of interest.
It had hoped to use a government guarantee to refinance those loans at a lower interest rate and take on more borrowing.
Mr Reynolds said Harland and Wolff remains “a key subcontractor” on the naval contract and the Ministry of Defence is “well engaged” with the prime contractor, Navantia, to monitor delivery of the project .
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