Workers at the historic Harland and Wolff shipyard in Belfast have voted in favour of industrial action.
The GMB union said members voted with a 98% majority after the company failed to make a pay offer for the year 2024/25.
Staff members are due to meet with H&W representatives on Tuesday afternoon.
In recent months, the union said internal disagreements within the Government were scaring workers after it was reported the shipyard could close – despite winning a £1.6bn Royal Navy contract.
It was reported in May that Chancellor Jeremy Hunt was expected to block a £200m taxpayer-backed financial support package designed to keep the shipyard afloat.
It led to fears that without the package, the 162-year-old firm could collapse – but this was rubbished by Harland & Wolff in recent months.
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A spokesperson said: “Our application for a UKEF export development guarantee has not been rejected and the process is ongoing.
“We will not comment further on inaccurate speculation.”
DUP leader Gavin Robinson said the speculation was “wide of the mark” and said there was “strong support for the yard in London”.
H&W has a current market value of £20m, and it has suffered well-publicised financial problems in the past. The firm’s demise could see the contract to build Royal Navy vessels go to Cadiz in Spain.
Matt Roberts of the GMB union said members were “concerned” by the reports.
He added: “The employer says their application for a UKEF export development guarantee has not been rejected and the process is ongoing.
“Instead of inter-departmental warfare in the Tory government spilling out and scaring workers, we need unequivocal, joined-up support for our shipbuilding industry. All the promise of UK workshare on the order must be maintained in full, and ideally increased.
“We will not stand by and accept any move to send further work out of the UK on this order.”
H&W has been contacted for comment.