The jobs of more than half the remaining workforce at the Harland and Wolff shipyard in Belfast are under threat.
Around 200 of the 390 core workers face redundancy, according to sources in the yard.
Harland and Wolff has been on the brink of collapse for more than a decade.Two years ago, Norwegian parent company Olsen Energy cut the workforce from 1,200 to 600. The numbers have continued to decline.
A restructuring rescue plan four months ago was to have revived the shipyard and secure the future of the remaining 390 workers. But the work is again running out.
The shipyard has nothing in its order books beyond two roll-on roll-off ferries nearing completion under a contract with the British Ministry of Defence. One is due to be delivered before the end of the year and the other in the first few months of next year.
A company spokesman said last night that talk of 200 jobs going was speculation "at the moment". However, it is understood it will not be long before unions and workers get formal notification of the redundancies.
The news came last night hours after the announcement that Canadian telecommunications company Nortel was getting rid of a further 200 workers at its Co Antrim plant.
PA