Navantia is the major partner in the Fleet Solid Support (FSS) programme to build three naval logistics vessels with Harland and Wolff as subcontractor.
“The yards together or separately have a credible future,” Mr Downs told the BBC.
“We have strong leadership in all of our yards. We have a strong business case around the work they are currently doing and the work they expect to do in the future.
“They have a funding need in the near term but into the future they will be generating cash.”
Sky News has reported that Babcock International, the UK defence contractor, is also a potential bidder, external for the Belfast business.
The company’s main site is the historic Titanic shipyard in Belfast. It also has yards at Appledore in Devon, and at Methil and Arnish in Scotland. It employs 1,500 people in total.
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