A deal has been struck to save troubled Belfast shipbuilder Harland and Wolff with Spanish state-owned business Navantia stepping in to buy it.
The company was placed into administration in September for the second time in five years.
Harland and Wolff, which famously built the Titanic, is a subcontractor in part of a consortium that landed a major contract in the UK to build new fleet solid support ships for Britain's Royal Navy.
Navantia UK is the main contractor on that contract.
The deal, which is subject to regulatory approval, will secure 1,000 jobs at Harland and Wolff’s four shipyards – one in Belfast, two in Scotland (Methil on the Firth of Forth and Arnish on the Isle of Lewis) and one in England (Appledore in north Devon).
The purchase agreement is set to protect workers’ existing terms and conditions.
The UK government has also agreed to amend the contract with Navantia to ensure the company can “still deliver on the contract and build all three Navy ships”.
Britain's Business and Trade Secretary Jonathan Reynolds said: “This deal is a major vote of confidence in the UK from Navantia, which will not only secure the future of UK shipbuilding but protect 1,000 jobs.
