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Swan Hunter is to sell its Port Clarence shipyard on Teesside to Hartlepool-based Wilton Engineering Services.
Swan Hunter has announced plans to invest £52m at its Teesside shipyard, in preparation for its part in the construction of two aircraft carriers for the Royal Navy.
Swan Hunter has confirmed plans to acquire the Kvaerner shipyard at Port Clarence on Teesside in September, where it will create 200 jobs for a Ministry of Defence contract.
Swan Hunter and Imtech of the Netherlands are planning to jointly acquire the Port Clarence shipyard on Teesside, and expect to create about 400 jobs at the site.
Swan Hunter has won a contract to supply a floating production storage vessel to Kerr-McGee, which will create up to 800 jobs at its Tyneside shipyard.