The Independent reports, around 350 jobs are at risk after the directors of a shipyard on the River Clyde in Port Glasgow served notice of their intent to go into administration, five years after it staved off closure.

The decision was taken ”with great regret and disappointment”, said Gerry Marshall, the chief executive of Ferguson Marine Engineering Limited.

He added: “This decision has not been taken lightly, but the directors do not consider there to be any other options in the current circumstances. However, the directors will continue to support the shareholder and the Scottish Government to realise a positive outcome for the business and its employees.”

The shipyard was previously in administration five years ago until it was bought by Clyde Blowers Capital (CBC).

Ferguson Marine won the £97m fixed price contract to build the MV Glenn Sannox and a second Hull 802 for CalMac, which is due to be deployed in the Outer Hebrides.

The shipyard’s parent company, owned by Jim McColl, also criticised Caledonian Maritime Assets Ltd (CMAL) and the Scottish Government in the wake of the move.

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