Northern Ireland-based shipbuilder Harland and Wolff, which constructed the famous Titanic, is to be bought by Spanish Navantia in a bid to avoid bankruptcy.
However, the purchase of Harland and Wolff, which went into bankruptcy in September for the second time in five years, is subject to regulatory approval. If successful, the deal would secure 1,000 jobs at four Harland and Wolff shipyards, one in Northern Ireland, two in Scotland and another in England.
Navantia’s UK division is the main contractor on the deal, with the contract essential to the Royal Navy, according to Business and Trade Secretary Jonathan Reynolds.
This deal is a major vote of confidence in the UK from Navantia, which will not only secure the future of UK shipbuilding, but protect 1,000 jobs across the country and bring future investment into shipbuilding right across the UK.
Reynolds also said the changes to the deal were “relatively minor given the size of that contract, which is obviously a very important one for national security.”
