The troubled Belfast shipyard Harland & Wolff has succeeded in its bid to recoup £23 million sterling (€37.5 million) it was owed by its US customer Global Marine for a drill ship Global removed from the yard without payment in August. The management and board of the yard last night welcomed the ruling of the arbitration panel in London which awarded the full amount to Harland & Wolff. In a statement the company said: "Receipt of these monies will enable a restructuring of the company to take place with the support of the parent company, Fred Olsen Energy.

"The restructuring will provide an opportunity to establish a profitable, viable and sustainable offshore and shipbuilding industry in Belfast although, as previously advised, this will necessitate a significant reduction in the number of employees."

The workforce of 1,800 has over recent months been reduced to 1,200 and management last night said it would immediately begin talks with the trade unions prior to any final determination of numbers.

The dispute between Harland & Wolff and Global Marine had centred on the completion date for the drill ship, which Harland & Wolff said it had repeatedly offered to Global from July 24th onwards. Global refused to take the ship into possession claiming it had not been completed to its satisfaction. u23 million. Harland & Wolff's chief executive, Mr Brynjulv Mugaas, said the ruling brought to an end the "deplorable and thankfully futile attempt of Global Marine to bankrupt Harland & Wolff" by withholding the instalment due.