Transaction of shipyard confirmed.
The Scottish Government has taken the Ferguson Marine shipyard into public ownership.
Administrators have now agreed the final terms of the transaction with Scottish Ministers.
This follows the conclusion by administrators that three indicative commercial offers for the business were either not capable of being executed or did not represent a better outcome for creditors than a sale to the Scottish Government.
Employees at the Inverclyde yard have been informed of the latest position.
Economy Secretary Derek Mackay said:
“We have been working for over two years to find a resolution to the difficulties at Ferguson Marine and our priorities remain the completion of the two CalMac ferries, protecting jobs, and securing a future for the yard.
“In the absence of a workable commercial solution the administrators have concluded that public ownership is in the best interests of the creditors.
“Now that this has been confirmed, I am determined that we continue to work closely with everyone at the yard to progress work on the vessels and achieve the best possible outcome for the yard and its employees.
“Recruiting more staff to Ferguson Marine is a significant step forward in making this happen. Establishing a revised timetable for the completion of the two ferries also remains one of the main tasks for the management at the yard and I will give an update on the schedule and cost for delivery of the two ferries as soon as possible.
“While there is still more to be done, our actions have ensured that there will be a future for Ferguson Marine.”
The new name of the business will be Ferguson Marine (Port Glasgow) Ltd which has been chosen for its heritage and historic link to the first name when the company was established in 1903 - Ferguson Brothers (Port Glasgow) Ltd.