Navantia, the Spanish state-owned shipbuilding firm, is “racing to finalise a takeover” of Harland & Wolff, Sky News has reported.
The Madrid based shipbuilder, with its three yards dedicated to civil and military naval construction, is purportedly close to confirming a deal with the Belfast Queen’s Island shipyard. If successful, the deal could rescue up to 1,000 jobs.
Currently, H&W has a £1.6bn contract from the UK Ministry of Defence to build three fleet solid support (FSS) ships for the Royal Fleet Auxiliary (RFA), the civilian branch of the Royal Navy. The trio would be used to supply aircraft carriers for the Royal Navy.
Navantia, with yards in Cadiz, Cartagena and Ferrol according to Sky News, is understood to have provided financing liquidity to H&W. This has been conducted on a week-by-week basis since the company in September filed for administration, with this week's payment said to have been due last Friday.
More the Belfast Telegraph reports on the development.