The agreement between Belfast shipyard Harland and Wolff and its customer, Global Marine, marks a truce in the conflict between the two companies over the £133 million sterling which the yard claims is due for work on two deepwater drillships being built for the Texas company. However, it does not necessarily mean the amount under dispute will be paid. A statement announcing the deal said that the issue would be resolved by separate negotiation or, failing that, by arbitration.

In the short term, the result of the deal will be to release the capital necessary to complete work on the vessels, which are due to be delivered next year. It also allows Harland and Wolff to begin its search for desperately needed new orders.