THE Scottish Government is set to take formal ownership of Ferguson Marine shipyard following discussion with administrators to transfer it into public ownership.

Following a sale of business process, Scottish ministers and administrators have concluded that three indicative offers for the business, received from commercial parties, are either not capable of being executed or do not represent a better outcome for creditors than a sale of the business to the Scottish Government.

Administrators are now in the final discussions with Scottish Ministers to agree the final terms of a sale and they expect this to be executed within the next four weeks.

Employees at the Inverclyde yard were informed of the latest position today.

Economy Secretary Derek Mackay said: “We have always been clear that we want to complete the vessels, secure jobs and give the yard a future. Administrators have concluded that despite other bids being submitted for the yard, the Scottish Government’s offer presents the best outcome for creditors.

“We are working with the administrators to bring the yard into public ownership. I will be there on Monday to meet with the excellent workforce and reiterate the Scottish Government’s commitment to achieving the best possible outcome for the yard and its employees.

“While there is still more to be done, our actions have ensured that there will be a future for Fergusons.”