Harland and Wolff shipyard in Belfast reports BBC News, can only survive until the end of the month without a deal, Unite the Union has said.
The business has been up for sale amid serious financial problems at its Norwegian parent company.
Trade unions have been hoping that the yard could benefit from plans to build more Royal Navy ships in the UK.
But now fear there is a risk that it will not survive for long enough to participate in that.
Susan Fitzgerald, the regional coordinating officer with the Unite trade union told BBC News NI's Evening Extra programme that if the yard the government needs to step in.
The yard employs around 130 people and specialises in wind energy and marine engineering projects.
It is also part of two consortia which are bidding for work on the Navy's new Type 31e frigate.
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