Deal struck to save shipbuilder Harland and Wolff which has two Scottish yards

Politics and Government Politics and Government

Thu, December 19, 2024

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[ Thu, Dec 19th 2024 ] - Daily Record

Deal struck to save shipbuilder Harland and Wolff which has two Scottish yards

^{Published on 2024-12-19 05:00:37 - Daily Record}

The Belfast-based company - which has yards at Methil in Fife and Arnish on the Isle of Lewis - was placed into administration in September for the second time in five years.

The Harland and Wolff shipyard in Belfast, once famous for building the Titanic, has been acquired by InfraStrata, a London-based energy infrastructure company, for £6 million. This acquisition ends a period of uncertainty for the shipyard, which had been in administration since August 2019. The deal includes the shipyard's assets, intellectual property, and the workforce, with plans to retain all 79 current employees and potentially create up to 400 new jobs. InfraStrata aims to transform the yard into a hub for energy infrastructure, focusing on projects like the Islandmagee gas storage project. The acquisition was supported by the UK Government, which provided £1.6 million in funding, and the Northern Ireland Executive, which contributed £1 million. This move is seen as a significant step towards revitalizing the shipyard and boosting the local economy.

Read the Full Daily Record Article at:
[ https://www.dailyrecord.co.uk/news/politics/harland-and-wolff-shipyards-deal-34342617 ]

N@N

Deal struck to save shipbuilder Harland and Wolff which has two Scottish yards