The Ferguson Marine shipyard has officially been taken into public ownership, the Scottish Government has announced.
The move came on Tuesday after administrators agreed the final terms of the transaction with Scottish Ministers.
The yard will now be known as Ferguson Marine (Port Glasgow) Ltd.
There had been three other offers for the Inverclyde site, however administrators concluded the sale to the Scottish Government represented the best outcome for creditors.
Staff at the shipyard have been told of the latest position.
Economy secretary Derek Mackay said: “We have been working for over two years to find a resolution to the difficulties at Ferguson Marine and our priorities remain the completion of the two CalMac ferries, protecting jobs, and securing a future for the yard.
“In the absence of a workable commercial solution the administrators have concluded that public ownership is in the best interests of the creditors.
“Now that this has been confirmed, I am determined that we continue to work closely with everyone at the yard to progress work on the vessels and achieve the best possible outcome for the yard and its employees.
“Recruiting more staff to Ferguson Marine is a significant step forward in making this happen.
“Establishing a revised timetable for the completion of the two ferries also remains one of the main tasks for the management at the yard and I will give an update on the schedule and cost for delivery of the two ferries as soon as possible.
“While there is still more to be done, our actions have ensured that there will be a future for Ferguson Marine.”