Harland & Wolff Saved in Deal With Spain’s State-Owned Shipbuilder

The iconic shipbuilding firm Harland & Wolff - perhaps most well known for its role in building the RMS Titanic - has been rescued from administration following an agreement with Navantia, Spain’s state-owned shipbuilding company. 

Harland & Wolff had fallen into administration in October due to a combination of factors; significant debt burdens, a lack of new shipbuilding contracts, and failure to secure new funding sources all contributed to the firm’s eventual collapse.

Since then, Spanish firm Navantia has been engaged in talks to save Harland & Wolff - with a deal being reached that will see 1,000 jobs saved. The deal will secure the future of Harland & Wolff’s four yards across the UK. 

It is expected that the revised company will support the delivery of the Fleet Solid Support Programme to build three Royal Navy ships. 

Commenting on the deal, the Secretary of State for Northern Ireland, Hilary Benn, said: 

“This investment is great news for Belfast, for the Northern Ireland economy and, above all, for Harland & Wolff’s hugely skilled shipbuilding workforce. 

Harland & Wolff is an iconic, internationally-renowned company with a long and proud history. 

I am delighted that, with this deal, it will now have a bright future ahead”.

It represents yet another turning point for a company that was initially founded in 1861 by Edward Harland and Gustav Wolff. Throughout the early-to-mid twentieth century, the shipbuilder became one of the most prolific in the world - having built the majority of the ocean liners for the White Star Line - including the famous RMS Titanic. 

However, like other shipbuilders, the post-war period was one of decline for Harland & Wolff as it struggled with a decrease in demand for ocean liners and increasing competition with overseas competitors. 

But, with this week’s agreement with Navantia, perhaps a new dawn is breaking upon Harland & Wolff…

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