The Ferguson Marine shipyard has been formally taken into public ownership, the Scottish government has announced.

The move came after administrators agreed final terms for the transaction with Scottish ministers.

In the autumn, administrators from Deloitte concluded public ownership was in the best interests of the creditors, despite receiving three commercial bids.

The Port Glasgow yard will now be known as Ferguson Marine (Port Glasgow) Ltd.

About 300 people currently work there.

Ferguson went into administration following a dispute with Caledonian Maritime Assets Ltd – which buys and leases CalMac ships on behalf of the Scottish government – over the construction of two ferries under a £97m fixed price contract.

At the time of the administration being announced, Deloitte described the contract as being “materially behind schedule and over budget”.

It

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