LONDON — The iconic shipbuilder Harland and Wolff, known for constructing the Titanic, seems to have secured its future as Navantia, a Spanish state-owned entity, has announced plans to acquire the company.
This acquisition follows Harland and Wolff’s placement into a type of bankruptcy in September, marking the organization’s second financial struggle in five years. The deal is waiting for regulatory approval before it can be finalized.

Once authorized, this agreement is expected to protect around 1,000 jobs within Harland and Wolff’s four shipyards, which include the historic facility in Belfast, Northern Ireland. The other three shipyards are located in Scotland and England.

This transaction holds significance for the Royal Navy as Harland and Wolff acts as a subcontractor within a consortium awarded a substantial contract for the construction of new naval vessels. Navantia’s United Kingdom division serves as the principal contractor on this particular contract.

Business and Trade Secretary Jonathan Reynolds emphasized the importance of this deal, calling it a significant endorsement of the U.K. from Navantia. He mentioned that it would not only safeguard the future of U.K. shipbuilding but also preserve 1,000 jobs nationwide while attracting further investment into the shipbuilding sector across the U.K.

While Reynolds refrained from discussing the potential additional taxpayer expenses associated with the Royal Navy support vessels contract aimed at facilitating Harland and Wolff’s recovery, he noted that any modifications to the agreement were relatively minor compared to the overall scale of the contract, which is crucial for national security.