Harland & Wolff, the shipbuilder famous for building the Titanic, is to be bought by Spanish state-owned business Navantia.

The Northern Ireland-based company was placed into a type of bankruptcy in September 2024 for the second time in five years. According to Associated Press, the sale, subject to regulatory approval, will secure 1,000 jobs at Harland and Wolff’s four shipyards, including at the iconic one in Belfast, Northern Ireland. Two of the others are in Scotland, with a fourth in England.

AP said the deal is important for the U.K.’s Royal Navy, as Harland and Wolff is a subcontractor in part of a consortium that landed a major contract to build new naval vessels. Navantia’s U.K, division is the main contractor on that contract.

In a December 19 statement, Navantia said that, as prime contractor for the Fleet Solid Support (FSS) program, Navantia U.K. leads the construction of three ships for the Royal Fleet Auxiliary to support the Royal Navy’s U.K. Carrier Strike Group. These vessels will be built across facilities in Belfast, Appledore and Puerto Real (Cádiz, Spain), Navantia said.

“The integration of Harland & Wolff’s facilities will ensure seamless delivery of the FSS ships by minimizing program risks and streamlining construction,” Navantia said, adding that the deal is expected to be completed in January 2025.