Spanish state-owned shipbuilder Navantia is in negotiations to buy Harland and Wolff (H&W), the iconic Northern Ireland shipyard that built the ill-fated Titanic ocean liner.
Navantia, which specialises in the design and construction of high-technology military and civilian vessels, is a major player on the international stage.
In the past decade alone, it has exported more than €10bn worth of vessels to countries including the United States, Australia, India, Norway, and the Middle East.
If the deal goes through, more than 1,000 jobs could be saved. Last month, the yard's parent company, Harland and Wolff Group Holdings, announced that it would enter administration, plunging the future of the iconic company in doubt.
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Closure of the firm would have put an existing £1.6bn (€1.9bn) contract with Navantia in doubt. The contract, to build three Fleet Solid Support (FSS) ships, which transport crucial supplies to aircraft carriers for the Royal Fleet Auxiliary, the civilian branch of the Royal Navy, is expected to go ahead should Navantia complete its take over.
Four sites are up for grabs
Harland and Wolff operates four sites across the United Kingdom: Belfast, Appledore, Arnish and Methil.
Administrators for the ship-building group are understood to want to secure a deal for the yards as quickly as possible so they can confirm and win new contracts.
It is now understood that Navantia could take control of all four yards as early as next month.
Sources close to Navantia say the company is examining a number of options to protect its original billion-euro contract, including a buyout. At this stage, it's not yet clear which option will go ahead.
The shipbuilder's future has been in doubt since the newly elected British government refused to guarantee the firm a £200m loan from UK Export Finance something, the company said, left it "in a difficult financial position".
In August, the new Business Secretary, Jonathan Reynolds, ruled out giving the loan guarantee, which had been announced by the previous Conservative government, although he said he was confident that Royal Navy ships would be built in Belfast.
The future is green
Navantia executives have emphasised that they see Harland and Wolff not just as an acquisition, but as a partner in expanding the shipbuilding group's operations across Europe.
Ricardo Domínguez, chairman of Navantia, said: "Harland and Wolff has an unparalleled reputation in shipbuilding. We are confident that, together, we can make this great company even stronger, bringing in our technical expertise and extensive experience in naval and commercial vessels."
Domínguez also pointed to the alignment between Harland and Wolff's capabilities in offshore energy projects and Navantia's own ambitions in renewable energy sectors.
"As Europe moves towards a greener future, shipyards like Harland and Wolff will be crucial in delivering the infrastructure needed for offshore wind farms and other renewable projects. We see this as a key area for collaboration and growth," he added.
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