£1m investment to create 100 jobs.
One hundred shipbuilding jobs at the last commercial shipyard on the Clyde are to be created and 125 jobs safeguarded thanks to a £1 million grant.
Ferguson Marine Engineering Limited (FMEL) has received a Regional Selective Assistance (RSA) grant from Scottish Enterprise, which will help to boost jobs on the site from 150 FTE to 250 FTE.
Deputy First Minister John Swinney will visit the site today (Monday 23) over a year after a Scottish Government taskforce helped to find a buyer for the company and save it from administration.
The funding will help contribute to Ferguson Marine refurbishment of its premises and invest in new state of the art equipment. The project has a total projected cost of £12 million.
The company, which is the last commercial shipbuilding company on the Clyde, was bought in 2014 by Clyde Blowers Capital, owned by Jim McColl.
The company currently has an order book of £110 Million, which includes a £97 million order for Caledonian Maritime Assets Limited (CMAL) to build two duel fuel ferries.
Deputy First Minister John Swinney said:
"Commercial shipbuilding on the Clyde has a long history, and it is important that we continue to support this vital industry.
"This £1 million grant will enable the company to further invest in the site on the Clyde, which will create jobs and help ensure our shipbuilding industry continues to have a sustainable future.
"Ferguson Marine Engineering Limited has also recently won a contract worth almost £100 million from Caledonian Maritime Assets Limited for the construction of two new ferries, the largest commercial vessels to be built on the Clyde since 2001.
"Since Clyde Blowers took over the company, they have done a fantastic job of turning the company around, and I am delighted to visit their premises today to see just how much progress has been made."
Paul Lewis, managing director of Scottish Development international and Scottish Enterprise International Operations said: "Since last September we've been working with Ferguson Marine Engineering Limited to help drive forward its plans of developing a successful, growing business with international ambition. Today's announcement marks a significant milestone for the company and we will continue to work with them as they realise their full growth potential."
Liam Campbell, Managing Director of FMEL, said: "We greatly appreciate this contribution by Scottish Enterprise to support us in rebuilding our yard and in doing so creating new jobs and skills for the local area."
Scottish Enterprise's Regional Selective Assistance (RSA) scheme provides investment to projects that will directly result in the creation or safeguarding of jobs in Scotland, helping to ensure Scotland's economy remains globally competitive.