The new owners of Belfast’s iconic Harland and Wolff shipyards are expected to visit the city tomorrow after completing their purchase in a reported £69.9m deal.

Navantia, a shipbuilding firm owned by the Spanish state, is now in control of the Belfast facility, as well as two Harland and Wolff yards in Scotland and one in England.

The company has already announced plans to anchor construction of three ships meant for the Royal Navy’s fleet at its yards in Belfast and Devon, as well as facilities in Spain.

The firm states that the purchase will secure 1,000 jobs across the four UK sites.

placeholder image — Harland & Wolff has been saved by a deal with Spain's state-owned shipbuilder Navantia. Photo by Kelvin Boyes / Press Eye

It’s understood high-ups from the new owners will visit Belfast tomorrow (Wednesday), and are set to speak to staff during a tour of the facility.

The financial press has reported that the deal is worth £69.9m, and includes waiving £20m of debt.

All current Harland and Wolff employees are transferring to Navantia under their existing terms and conditions.

National officer for trade union GMB, Matt Roberts, welcomed the deal’s completion but reinforced that a stream of construction projects will be needed to secure the future of the shipyards.

“Workers across all four yards will breathe a sigh of relief at finally being under stable ownership,” he said, “but at GMB we will remain cautious.

“Without a steady drum beat of work, these yards will continue to struggle.”

Navantia agreed to buy Harland and Wolff in December, ending months of uncertainty after it fell into administration for the second time in five years.

The company has stated that in addition to the Royal Navy ships, “significant development” of the four UK yards is planned to focus on construction for the defence, maritime and green energy sectors.

The firm says all four facilities will benefit from extensive expertise in shipbuilding, fabrication and complex programme management, supporting both a highly skilled workforce and robust supply chain.

Said Navantia chairman Ricardo Dominguez: “The completion of this acquisition marks a significant milestone for Navantia and demonstrates our long-term commitment to UK industry.

“By combining Harland and Wolff’s proud heritage and facilities with Navantia’s global expertise in defence, maritime and renewable energy, we are creating an exceptional platform for growth.”

When the the deal was announced last month, UK Business Secretary Jonathan Reynolds described it as “a major vote of confidence in the UK” that would “secure the future of UK shipbuilding”.

Famous for building the Titanic, the Belfast shipyard was founded in 1861 by Yorkshireman Edward Harland and his German business partner, Gustav Wolff.

It also constructed the Titanic’s two sister ships and the Royal Navy’s HMS Belfast.

Renowned as one of the world’s leading builders of ocean liners as well as earning an enormous amount of Navy contracts during the First and Second World Wars, the yard’s fortunes declined with the growth of air travel in the second half of the 20th century.

It moved into other forms of construction, including several major bridge projects.

Although it hasn’t built a ship in more than 20 years, Harland and Wolff has been heavily involved in the refit and repair of vessels and oil platforms, plus the construction of offshore wind farms.