The British government announced that the Spanish shipbuilder Navantia would acquire the shipyards owned by Harland & Wolff in Belfast, a company most famous for its Titanic-building work. The British government announced that the deal is subject to approval by regulatory authorities and will secure all four Harland & Wolff shipyards – in Belfast, Arnish, Methil and Appledore, in southwest England, as well as Arnish, in Scotland.

Hilary Benn, Northern Ireland Minister, said: "This investment is good news for Belfast and the Northern Ireland economy, and above all for Harland and Wolff’s highly skilled shipbuilding workers."

Harland & Wolff appointed administrators in September after it failed to secure the funding needed to run its business. Energy price increases and wage increases ate away at profits and increased debt.

In October, the London Stock Exchange canceled the company's listing and in July, the British government denied the company a credit line of 200 million pounds (about 253 million dollars).

Harland & Wolff was founded in 1861 and signed a subcontract last year with Navantia for the 1.6 billion pound project to build support vessels for Britain's Royal Navy.

The deal will ensure that three ships for transporting munitions, supplies and spares to UK aircraft carriers are built and delivered.

(source: Reuters)