A shipbuilding business that dates back 110 years has gone into administration, with the loss of almost 70 jobs.
Buckie Shipyard Limited, one of Scotland's oldest specialist shipbuilding firms, was said to have suffered severe cashflow problems as a result of unsustainable costs, a marked decline in demand and intense competition in the industry.
Joint administrators Iain Fraser and Tom MacLennan will first wind down the Moray-based business before closing it, while selling off the company's assets.
Buckie Shipyard employs a total of 74 people and the latest figures showed it had a turnover of £3 million.
With a history stretching back to 1903, Buckie Shipyard provided a fully integrated service for the design, build, refurbishment and maintenance of boats and marine vessels.
Recent clients include the Ministry of Defence, Scottish Sea Farms, Windcat Talisman Oil and the Orkney Ferries Fleet and the Harbour Pilot Boats.
It had held a long-standing relationship with the Royal National Lifeboat Institution (RNLI) for more than 60 years. But the RNLI decided to cancel regular refit work with the shipyard a number of years ago.
Mr Fraser said Buckie Shipyard's staff and directors had "worked long and hard to secure a future for the company" but added: "The financial pressures meant that administration was the only option."
Chair of Moray Council's Economic Development and Infrastructure Committee, Councillor John Cowe, said he was greatly saddened.
He said: "My heart goes out to staff at the shipyard. This is devastating news. The council will do all it can to support the staff affected."
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