Harland and Wolff shipyard in Belfast has been sold to InfraStrata, a London-based energy company.
This is a welcome lifeline which saves the iconic yard from closure.
The business has been bought for £6 million.
All the yard workers will keep their jobs, with the new owners planning to boost the workforce by several hundred.
A total of 79 workers did not take voluntary redundancy when the yard went into administration. Since the shipyard went into administration during the summer, workers have occupied the site in a campaign to save their jobs.
In recent year, Harland and Wolff has moved its focus from shipbuilding to wind energy and marine engineering projects.
Infrastrata chief executive John Wood 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.
The yard is noted for building the Titanic which sank on her maiden voyage in 1912 after hitting an iceberg.
Secretary of State for Northern Ireland Julian Smith added: “I am delighted by the news that InfraStrata have purchased the Harland and Wolff shipyard and retained the skills and experience of the existing workforce.
“I firmly believe that the shipyard has a promising future and that InfraStrata’s plans present an exciting opportunity for both Belfast and Northern Ireland’s manufacturing and energy sectors.”
Harland & Wolff workers have won!!! After 9 weeks. All the thank you’s and lessons will follow. Now we need to win with workers in Wrightbus #savewrightbusjobs
— Susan Fitzgerald (@1977susan) October 1, 2019
Great news for all of those that work at Harland and Wolff and perhaps gives hope to those employed at Wright Bus.
When every day seems to bring greater division, discourse and trial this news is more than welcome. pic.twitter.com/9hDSLPusZh
— Robbie Butler MLA (@RobbieButlerMLA) October 1, 2019