queen9play Titantic shipbuilder stays afloat thanks to Spanish deal

(From L) Britain’s Prime Minister Rishi Sunak, Harland & Wolff CEO John Wood, and Britain’s Northern Ireland Secretary Chris Heaton-Harris visit the Harland & Wolff shipyard factory, on December 16, 2022 in Belfast, Northern Ireland. Britain’s Prime Minister announced last week a £1.6 billion contract for three new naval vessels. A consortium led by the shipyard Harland and Wolff secured the preferred bidder status and will create 1,200 jobs across three companies, 900 of which will be in Belfast. (Photo by Charles McQuillan / POOL / AFP)

Preliminary data from the BSP showed that net income rose to P95.2 billion as of end-July, up by 414 percent from the P18.5 billion in the same period last year.

It was a reference to the notorious “behest loans” granted to individuals or corporations favored by powerful government officials.

London, United Kingdom — Iconic shipbuilder Harland and Wolff, famed for constructing the doomed Titanic, has struck a deal for its shipyards to be bought by Spanish peer Navantia, the UK government announced Thursday.

The proposed deal maintains Navantia UK’s contract to build three Royal Navy ships, used to deliver supplies to British aircraft carriers.

Article continues after this advertisement

It will also secure 1,000 shipbuilding jobs that were left hanging in the balance after the Belfast-based company in September called upon outside administrators to help save it from collapse.

FEATURED STORIES BUSINESS BSP unveils new polymer banknote series BUSINESS BIZ BUZZ: MVP confirms John Hay plans BUSINESS New Zealand falls into recession with abrupt economic slowdown

READ: The first Titanic voyage is happening in the wake of submersible tragedy

Navantia UK will take over all four of Harland and Wolff’s shipyards across the country, subject to regulatory approval.

Article continues after this advertisement

“This deal is a major vote of confidence in the UK from Navantia,” said Business and Trade Secretary Jonathan Reynolds.

Article continues after this advertisement

“This deal will guarantee our sovereign shipbuilding capability to bolster our Navy and ensure the industry can continue to deliver economic growth and boost coastal communities right across the UK,” he added.

Article continues after this advertisement

Harland and Wolff had in September agreed to offload non-core assets to preserve its shipyards.

As well as building the Titanic, Harland and Wolff built its two sister ships Olympic and Britannic, and also supplied almost 150 warships during World War II.

slots com Article continues after this advertisement

It built the SS Canberra liner in the late 1950s and the Myrina in the 1960s, the first supertanker built in the UK, and was recently part of a consortium that won a major navy aircraft carrier and logistic vessels contract.

Its yards are also active ship repairers.

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Harland and Wolff employs 1queen9play,500 staff, a far cry from the more than 30,000 in the early twentieth century. It was founded in 1861.

READ NEXT US third quarter GDP revised up on consumer, export boost Thousands of US Amazon staff strike days before Christmas EDITORS' PICK Marcos, Cabinet comb 2025 budget for ‘insertions’ Yearend 2024: Carlos Yulo and a golden year for Philippine sports President: Let DOJ handle House move vs Duterte Yasmien Kurdi’s sister-in-law calls out CSA for ‘bullying’ actress, niece PBA: Jordan Heading carries Converge past Phoenix West PH Sea: PCG monitors 12 Chinese vessels near Bajo de Masinloc MOST READ House passes bill postponing BARMM polls 3rd impeach rap filed vs VP Duterte; Leni Robredo ally an endorser SC fires judge involved in wife’s illegal deals Pogo ban’s windfall Follow @FMangosingINQ on Twitter --> View comments