By Q Radio News
London based energy firm InfraStrata has finalised its purchase of Belfast's shipyard Harland and Wolff.
The completion of the deal follows a £3.3m payment to the administrators BDO with an additional further £1.45m payment by 30 April 2020.
Around 120 jobs at Harland and Wolff were at risk when it went into administration in August following the collapse of its Norwegian parent company.
Michael Jennings, joint administrator for Harland and Wolff said a slimmed down workforce of 69 employees will be preserved.
The new company will initially focus on metal fabrication for its energy projects.
It also wants to build a natural gas storage facility in Islandmagee, County Antrim.
Interim chairman and chief executive officer John Wood said he is delighted that Harland and Wolff is "once again open for business".
"This is an important day for InfraStrata, the Harland and Wolff workforce and the region as a whole," he added.
"With the keys now in hand, we will shortly be finalising a number of exciting contracts, as well as discussions with lenders, details of which I look forward to sharing very soon."
Mr Jennings said he has been "hugely cognisant of not only the international reach and recognition of the iconic Harland and Wolff brand, but also the important role the company has played in Northern Ireland's history".
He added: "Harland and Wolff is part of the fabric of the city of Belfast and we are delighted that it has been saved by InfraStrata."