18 Dec Titanic shipbuilder Harland & Wolff set for £70m rescue deal from Spanish rival
Harland & Wolff, the historic UK shipbuilder famed for constructing the Titanic, is on the brink of a £70 million rescue deal with Spanish state-owned shipbuilder Navantia.
The agreement, supported by the British government, is expected to preserve more than 1,000 jobs across the company’s four UK sites: Belfast, Methil, Arnish, and Appledore.
The board of Navantia is set to approve the takeover in the coming days, following several months of negotiations. Under the proposed deal, Navantia will assume control of all four Harland & Wolff facilities and commit to retaining the current workforce for a set period, safeguarding both skilled positions and the shipyards’ future.
Alongside the acquisition, Navantia is also poised to secure improved terms on a key contract to build three support ships for the Royal Navy, bolstering the UK’s maritime capabilities and providing a much-needed boost to the nation’s shipbuilding sector.
This intervention comes after a period of prolonged uncertainty for Harland & Wolff. The company entered administration in September following mounting financial challenges and an inability to secure long-term funding. Harland & Wolff’s attempts to steady its finances included multiple loans from American lender Riverstone totalling around $200 million, yet the shipbuilder continued to struggle under debt and fierce global competition.
In 2019, the Belfast-based firm was previously rescued from administration by London-based energy company Infrastrata. Despite winning the Royal Navy contract in partnership with Navantia in 2022, the company found itself unable to keep pace with larger rivals and faced increasing debt repayments.
The government’s decision to reject a requested £200 million loan guarantee earlier this year left Harland & Wolff in a precarious position. Business Secretary Jonathan Reynolds stressed that “the market is best placed to resolve the commercial matters,” prompting the shipbuilder to pursue private sector solutions rather than rely on public funds.
Founded in 1861, Harland & Wolff’s legacy includes the iconic RMS Titanic and other renowned vessels built for White Star Line. The latest deal, if finalised, will ensure that this historic name survives the current upheaval in global shipbuilding, forging a new future under the ownership of Navantia—a company that employs nearly 4,000 staff in its home country and maintains strong government backing.
Both the UK Department for Business and Trade and Navantia declined to comment ahead of the official conclusion of the deal. As Britain’s shipbuilding sector faces changing demands and stiff international competition, this high-profile rescue agreement could mark a turning point, ensuring Harland & Wolff’s heritage continues to shape the future of UK maritime engineering.