Harland & Wolff has won agreement in principle for a key element of the shipyard's latest rescue plan. The North's Regional Development Minister, Mr Peter Robinson, has said he agrees "in principle" to the Belfast yard selling part of its land for mixed-use urban redevelopment.
Harland & Wolff would use part of the money raised from the re-designation and redevelopment of 78 acres at Belfast Port to finance restructuring which is claimed is essential if it is to avoid closure.
Sir Reg Empey, the Minister of Enterprise, Trade and Investment, said they were still "a long way from a deal" and he did not want to raise the hopes of workers only to later disappoint them.
The firm, which is owned by the Norwegian company Olsen Energy, has been unable to secure enough ship-building work. Around 140 employees were made redundant last month because of falling orders at the yard, which is currently building two ferries for the British Ministry of Defence.
Mr Robinson told the Assembly's regional development committee on Thursday that the proposed land deal was in the "public interest". He needs to approve the land sale and Sir Reg must be satisfied with the business plan, before the North's Executive can give the go-ahead to the proposals.
"Peter Robinson has made it clear that there is still much work to be done," Sir Reg said. "He also indicated wider political consultation was needed, the Executive has to be involved, and a range of issues have to be considered."
Progressive Unionist Party Assembly member Mr David Ervine said it was time to stop being sentimental about the shipyard and let it close if it was not a viable operation.
Voicing concerns about the land sale, he said: "Something isn't right. Something stinks about someone grabbing at your crown jewels."
Mr Robinson said the issue of land sale would have to be addressed even if the yard closed, and it was better to "address it now when there is still the hope of saving it and saving jobs".
Trade union representative Mr Bobby Carson welcomed the business plan and Mr Robinson's initial reaction: "It's very positive news."
The North's First Minister, Mr David Trimble, said the Executive would probably look at the matter next week. The Deputy First Minister, Mr Mark Durkan, said he did not want to pre-empt the discussion.
"We are aware that there are some proposals. They will have to make their way to the Executive and the Executive will have to consider them on the basis of the information we then have," he said.
