Navantia completes Harland & Wolff rescue

The company issued a statement just four weeks after confirming that the company would be saved before Christmas.

All four facilities in Belfast, Appledore, Methil and Arnish are now protected, along with 1,000 jobs across the four sites – ‘strengthening Britain’s defence, maritime and clean energy industrial capabilities’, the firm said in a statement.

It means that the Fleet Solid Support (FSS) programme will go ahead, comprising three ships for the Royal Fleet Auxiliary to support the UK Carrier Strike Group to be built at Belfast and Appledore as well as Navantia’s Spanish sites.

“Navantia UK plans significant development of the yards for the defence, maritime and green energy sectors,” the statement reiterated.

“By combining Harland & Wolff’s proud heritage and facilities with Navantia’s global expertise in defence, maritime and renewable energy, we are creating an exceptional platform for growth,” said chairman Ricardo Domínguez.

The company also said the UK government, which in July pulled the plug on a loan guarantee for Harland & Wolff, potentially spelling the end for the company, had helped to secure the deal. As a result, CEO John Wood was forced out and a restructuring firm parachuted in.

At the time, secretary of state for Business & Trade Jonathan Reynolds refused any form of emergency liquidity funding, claiming it would present ‘a substantial risk that taxpayer money would be lost’.

“The Government believe, in this instance, that the market is best placed to resolve the commercial matters faced by Harland & Wolff,” he said – and it appears the market has done just that.