Deal struck to save Titanic shipbuilder Harland & Wolff
Jobs 500 Deal The About By Will Belfast, In Be Protected
A deal has been struck to save troubled shipbuilder Harland & Wolff, with Spanish state-owned business Navantia stepping in to buy it.
The Belfast-based company was placed into administration in September for the second time in five years.
Harland & Wolff, which famously built the Titanic, is a subcontractor in part of a consortium that landed a major contract to build new fleet solid support ships for Britain's Royal Navy.
Navantia UK is the main contractor on that contract.
The deal, which is subject to regulatory approval, will secure 1,000 jobs at Harland & Wolff's four shipyards — one in Belfast, two in Scotland (Methil on the Firth of Forth and Arnish on the Isle of Lewis) and one in England (Appledore in north Devon).
The purchase agreement is set to protect workers' existing terms and conditions.
The British government has also agreed to amend the Fleet Solid Support (FSS) Programme contract with Navantia to ensure the company can "still deliver on the contract and build all three navy ships".
In a statement, Navantia confirmed the deal would save more than 1,000 jobs but it also cautions it is not completed yet, and needs to clear regulatory approvals.