Spanish shipbuilder Navantia is in ‘exclusive negotiations’ to acquire insolvent Belfast shipyard Harland & Wolff Group Holdings PLC (AIM:HARL), The Guardian reported this weekend.
Navantia has already provided Harland & Wolf with financial support to keep an existing £1.6 billion shipbuilding contract afloat.
According to reports, Navantia could take over Harland & Wolff’s four yards in Belfast, Devon, the Isle of Lewis and Fife.
These yards operate as subsidiaries of the holding company and are not currently subject to insolvency proceedings.
Up to 1,000 jobs could be saved under the reported plans.
Harland & Wolff, famed for building the Titanic and other ocean liners in the early 20th century, entered administration in September following a number of crushing contract losses.
The company was seeking a £200 million bailout from the government to clear mounting creditor backlogs, which Labour denied on grounds of "a very substantial risk that taxpayer money would be lost".
Administrators from Teneo were brought in to handle the insolvency proceedings.
Teneo is said to be seeking a deal to keep the shipyards running and securing new contracts.