Northern Ireland

Harland and Wolff buyer InfraStrata raises money for deal

Harland and Wolff Image copyright AFP/Getty
Image caption Harland and Wolff was saved from closure last month

The energy firm that agreed to buy the Harland and Wolff shipyard in Belfast has raised the money it needs to complete the deal.

InfraStrata raised £6m through a share issue on Monday.

The east Belfast shipyard, best known for building the Titanic, was agreed for sale to the London-based firm last month.

It went into administration in August, putting 120 jobs at risk, after its Norwegian parent company collapsed.

InfraStrata shareholders need to approve the deal at a meeting on 29 November.

John Wood, the firm's chief executive, said the share issue "provides us with the necessary capital to complete the acquisition of the Harland and Wolff assets.

"Upon completion of the acquisition, the company will seek to enter into contracts as soon as possible with a view to kick-starting revenue generation."

InfraStrata will initially focus on metal fabrication for its energy projects.

The firm wants to build a natural gas storage facility in Islandmagee, County Antrim.

The administrators, BDO, has said they hope the deal will now be completed in the coming weeks.

They said a "a patient, cooperative and collaborative approach" involving trade unions and local politicians has helped to progress the matter.

More on this story