Deal struck to save Titanic shipbuilder Harland and Wolff
The historic ship builder has four sites, including one in Methil
A deal has been struck to save historic shipbuilder Harland and Wolff with Spanish state-owned business Navantia stepping in to buy it.
The Belfast-based company fell into administration in September this year for the second time in the last five years.
Harland and Wolff - which famously built the Titanic - is a subcontractor in part of a consortium that landed a major contract to build new fleet solid support ships for the Royal Navy.
Navantia UK is the main contractor on that contract.
More on the deal
The deal, which is subject to regulatory approval, will secure 1,000 jobs at Harland and Wolff's four shipyards, which are in in Methil, Arnish on the Isle of Lewis, Belfast and Appledore in north Devon.
The purchase agreement is set to protect workers' existing terms and conditions.
The Government has also agreed to amend the Fleet Solid Support (FSS) Programme contract with Navantia to ensure the company can "still deliver on the contract and build all three Navy ships".
Business and Trade Secretary Jonathan Reynolds said: "This deal is a major vote of confidence in the UK from Navantia, which will not only secure the future of UK shipbuilding but protect 1,000 jobs across the country and bring future investment into shipbuilding right across the UK.
"National security is the foundation of our Plan for Change - without it we can't deliver on our milestones to raise living standards across the UK - with good skilled productive jobs.
"That is why we are steadfast in supporting the future of UK shipbuilding. 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."
Defence Secretary John Healey added: "This agreement keeps vital defence manufacturing in the UK and protects skilled jobs at historic shipyards across our nations.
"It strengthens our sovereign capability to support Royal Navy operations worldwide, while building the industrial partnerships that will drive growth."
What has the GMB Union said?
The GMB Union has been more cautious about the take over.
GMB National Officer Matt Roberts said:
“Today’s announcement is a hugely positive step for retaining UK sovereign manufacturing.
“But despite all four yards remaining open, GMB remains cautious.
“Without a steady drum beat of work these yards will continue to struggle
“GMB will continue the fight to ensure that does not happen.”