MINISTERS are set to unveil a rescue package to permanently secure the future of the troubled BiFab engineering firm.

BiFab has remained under threat despite the firm being temporarily bailed out by a £15 million Scottish Government loan last November.

However, the Sunday Herald understands that a new deal will be announced in the coming days.

Redundancy notices were issued to BiFab workers at yards in Fife and Arnish on the Isle of Lewis in February.

BiFab said it was going through a “natural down-manning process” as it nears the end of work on the £2.6 billion Beatrice Offshore Windfarm.

However, it is thought that additional contracts have been secured for the company.

Last night, there was speculation that a new holding company has been set up to take over BiFab and invest in it. The jobs of the 260 permanent workforce are at stake.

Nearly 1,200 agency staff and contractors would also lose work if it went bust.

BiFab had faced the threat of administration over cashflow problems.

Last November, an imminent closure threat sparked worker occupations at the firm's yards in Fife and Lewis. Unions also staged a mass protest at the Scottish Parliament.