Navantia to Rescue Harland & Wolff in £70M Deal

Harland & Wolff, the historic shipbuilder known for constructing the Titanic, is nearing a £70 million rescue deal with Spanish state-owned shipbuilder Navantia, supported by the British government. This acquisition, which is expected to preserve over 1,000 jobs across Harland & Wolff's four UK sites, follows the company's administration in September due to financial difficulties and inability to secure long-term funding. The deal includes improved terms for a contract to build three support vessels for the Royal Navy, which will bolster the UK's maritime capabilities. Navantia has been providing emergency funding to Harland & Wolff since its administration and is set to take over its facilities in Belfast, Methil, Arnish, and Appledore. The formal announcement of the deal is anticipated within days, and this intervention aims to stabilize a company that has faced significant competition and debt challenges. The British government had previously refused a £200 million loan guarantee, leaving Harland & Wolff to seek private solutions for its financial woes.