Harland & Wolff (H&W), renowned for building the Titanic, is close to finalising a government-supported rescue deal with Spanish shipping group Navantia. It is reported that Navantia has received Downing Street approval to acquire H&W’s four UK shipyards, with a formal agreement expected as soon as next week.
If finalised, this deal would preserve over 1,000 British industrial manufacturing jobs. Navantia is expected to pay tens of millions of pounds for H&W’s assets. The agreement also includes government backing for a renegotiated contract to build three Fleet Solid Support (FSS) ships for the Royal Navy.
The precise details of the revised contract are still unclear, but one insider noted a compromise between the government and Navantia on a £300m value improvement request from the Spanish company.
Navantia has been providing financial support to H&W on a weekly basis since the company’s filing for administration. H&W’s four shipyards are located in Belfast, Appledore (Devon), Arnish (Isle of Lewis), and Methil (Fife).
Navantia is a Spanish state-owned shipbuilding company. Established in 2005, it specializes in the design and construction of both military and civilian vessels. Navantia, the fifth-largest shipbuilder in Europe, and ninth largest in the world, is known for its technologically advanced ships and systems, and it operates shipyards in A Coruña, Cádiz, Madrid and Cartagena, where it is currently upgrading Spain’s fleet of S-80 class submarines.
