Following today’s announcement that Navantia UK has agreed to acquire Harland & Wolff’s four sites, Interim Executive Chair, Russell Downs, said:
“This agreement represents a strong future for Harland & Wolff under Navantia UK’s ownership. The combination of our proud heritage and facilities with Navantia’s global expertise creates an exceptional platform for growth. Their commitment to invest in H&W capabilities, alongside the opportunities presented through Navantia Seanergy in the renewable energy sector, offers genuine potential for expansion across the four yards.”
As part of this transaction, Harland & Wolff has filed a Notice of Intention to appoint administrators. This legal step provides protection for the business whilst final details are arranged with Navantia UK. The filing enables business operations to continue normally throughout the transition period.
“We worked diligently through a comprehensive process with Rothschild & Co, initially seeking new investment, then exploring a sale of the legal entities. Only recently did we conclude that an asset-based sale offered the best achievable outcome,” said Downs. “While I am delighted for our workforce and the future of our yards, I recognise this creates uncertainty and regrettably means losses for some creditors, particularly our suppliers.”
This structured approach ensures the continuation of the Fleet Solid Support Programme and reinforces Harland & Wolff’s role in supporting the UK’s sovereign shipbuilding capability. Subject to completion, all four yards—Belfast, Appledore, Arnish, and Methil—will continue their operations under Navantia UK’s ownership, with existing employee terms and conditions protected.
“Today’s announcement follows a challenging period for our workforce,” Downs continued. “It is testament to the hard work and commitment of colleagues across the business that we have reached this positive outcome. The transaction provides real security for our workforce and hope for the future.”
The agreement creates significant opportunities in the growing renewable energy sector through integration with Navantia Seanergy, positioning Harland & Wolff to play a crucial role in supporting the UK’s energy transition goals. The transaction is expected to complete by the end of January 2025, subject to regulatory approval.
Further information on the implementation of this agreement will be provided to all stakeholders in January.