The proposed £70 million rescue deal with Navantia is aimed at preserving over 1,000 jobs and securing Harland & Wolff's future amid financial uncertainty.
The acquisition will allow Navantia to take control of all four UK facilities while committing to retain the workforce for a set period, ensuring job security.
This intervention comes after months of negotiations and is vital, as Harland & Wolff faced mounting financial challenges and entered administration in September.
Despite securing a Royal Navy contract in 2022, Harland & Wolff struggled to stay competitive against larger rivals, leading to increased financial distress.
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