Belfast shipyard Harland and Wolff has been bought by UK based energy company Infrastata for £6m.
Harland and Wolff faced an uncertain future after it went into administration in August.
The new owners say they are focused on the development and commercialisation of advanced high-value energy infrastructure projects across the world.
The yard had originally been touted to take part in the Type 31e Frigate build programme as part of the Babcock consortium but that is now unlikely. It is now more likely that Rosyth will do the vast bulk of the work required to build and assemble the new frigates.
John Wood, CEO of InfraStrata, said:
“Harland and Wolff is a landmark asset and its reputation as one of the finest multi-purpose fabrication facilities in Europe is testament to its highly skilled team in Belfast. This acquisition is a function of deep operational synergies between the various business segments of the Company with Harland and Wolff underpinning the construction economics of the Islandmagee Gas Storage Project and other future projects.
We are delighted to be able to retain 100% of personnel who did not opt to take voluntary redundancy earlier this year.
Our Islandmagee Gas Storage Project will benefit greatly from their expertise in the energy sector, both technically and economically, and we look forward to growing the workforce significantly in the coming years. While our core priority will be to deliver our flagship project in Islandmagee, we believe there are opportunities to welcome potential new clients due to the diverse skill set at the facility.
This acquisition will clearly provide substantial advantages through vertical integration in addition to demonstrating our commitment to the Northern Irish economy, particularly in the post-Brexit era.”
The InfraStrata Board say it plans to significantly increase the size of the workforce by several hundred over the next five years as it progresses the development of its infrastructure projects.