A LONG-TERM future has been secured for engineering firm BiFab after a deal was brokered by the Scottish Government, the First Minister has revealed.

The investment for the firm and its yards at Methil, Burntisland and Arnish has been secured as Canadian company JV Driver, through subsidiary DF Barnes, acquired BiFab.

The Scottish Government will take a minority shareholding in the new company, with the firm looking to support opportunities in the marine, renewables and energy sector.

First Minister Nicola Sturgeon and Economy Secretary Keith Brown oversaw the negotiations with JV Driver and DF Barnes, with the GMB union also involved in the talks.

Brown will make a statement to the Scottish Parliament later today.

Revealing the details at BiFab's yard in Methil, Sturgeon said: “We are delivering on the commitment I made last year that we would stand by BiFab and work to secure a long-term future for the company.

“We have been in negotiations with DF Barnes for a number of months and today is a significant step forward in our efforts to restore BiFab to its place at the centre of Scotland’s marine energy industry.

“DF Barnes acquisition is a key milestone for all three BiFab yards and as a sign of our commitment to the company’s future, the Scottish Government will maintain a close interest by taking a minority shareholding in the company.

“There is a lot of hard work ahead, and there is no magic bullet for these yards but the commitment of DF Barnes to securing a new future for the business at Burntisland, Methil and Arnish is a hugely positive step and I believe that gives BiFab the best chance of winning future contracts and securing new work.

“This announcement is also a tribute to the efforts of the trade unions and employees at BiFab whose dignified actions throughout this difficult time have played a huge part in enabling us to bring in new investors and creating new employment opportunities in Fife, the Western Isles and for the Scottish economy as a whole.”

DF Barnes CEO Jason Fudge said: “DF Barnes is excited to now have a major presence in Scotland.

“Scotland has been an admired world leader in the offshore oil and gas and renewable energy sectors and we are delighted to join with the employees of BiFab and the people of Scotland to ensure the continued growth of BiFab for the benefit of all. This is a great day for us.”

Brown said the agreement would offer the best possible chance of a "vibrant future" for the yards and the workforce.

Brown added: “The Scottish Government believes BiFab can be a thriving business, supporting Scotland’s offshore renewables and oil and gas industry as well as competing internationally.

“As the current contract comes to an end, and while efforts go into winning new work there will continue to be difficult times for the yard and there can be no guarantees that contracts will be won but I am confident this agreement, which sees the Scottish Government become a minority shareholder in the company, will deliver for BiFab’s future in Fife and the Western Isles.”