A Spanish state-owned shipbuilder will buy Belfast-based Harland & Wolff in a deal that will secure all four of its shipyards and save about 1,000 jobs.
Navantia is to acquire H&W’s Belfast shipyard where the Titanic was built, as well as the Arnish and Methil yards in Scotland, and the Appledore site in Devon.
Talks between the company and the UK government had been taking place since H&W went into administration in September after ministers refused to provide taxpayer-funded support to keep it going.
Navantia wanted to secure a better deal on its contract to build three fleet solid support ships (FSS), which supply navy vessels with dry goods such as food.
The Northern Ireland secretary, Hilary Benn, said the deal ensured the delivery of the FSS programme to build three Royal Navy ships. In Belfast, about 500 jobs will be protected by the deal.
Benn said that with this deal, H&W would “now have a bright future ahead”, adding: “This investment is great news for Belfast, for the Northern Ireland economy and, above all, for Harland and Wolff’s hugely skilled shipbuilding workforce.
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“Harland and Wolff is an iconic, internationally renowned company with a long and proud history.”