Harland & Wolff Group Holdings PLC (AIM:HARL) workers will learn officially later on Thursday that its shipyards have been rescued, safeguarding 1,200 jobs at sites in Northern Ireland, Scotland, and Devon
Spanish defence group Navantia will acquire the business after securing improved terms on a £1.6bn contract to construct three Royal Navy fleet solid support vessels.
H&W, famous for building the Titanic, has faced financial turmoil, with its parent company entering administration in September following Labour’s refusal of a £200mn loan guarantee.
Business Secretary Jonathan Reynolds led efforts involving the Treasury and Ministry of Defence to save H&W.
The vessels will be built across H&W’s and Navantia’s sites, with final assembly in Belfast.
The GMB union welcomed the rescue, urging investment in skills and facilities. Navantia’s purchase signals renewed hope for Northern Ireland’s shipbuilding industry after decades of decline.