Engineering (FMEL), the shipyard run by tycoon Jim McColl, has received a timely boost with deals to build two vessels for the fish farming sector.

The work was announced at the end of a challenging week for FMEL, whose latest accounts revealed a

£60 million loss attributed to cost over-runs on a project to build two ferries for Caledonian Maritime Assets (CMAL).

Port Glasgow-based Ferguson, which Mr McColl’s Clyde Blowers Capital bought out of administration in 2014, said it will build two vessels for Inverlussa Marine Services for use in the salmon sector.

The first, which will be 21 metres long and weigh more than 100 tonnes, is due for completion in May. The second, a 26m aquaculture support vessel weighing 450 tonnes, is scheduled to be completed late next year. This vessel will go on a long-term

charter for one of Scotland’s leading salmon farmer, FMEL said.

FMEL chief executive Gerry Marshall said: “Due to the extensive investment into creating a world-class facility in Port Glasgow, we are now in a position to offer companies, such as Inverlussa, the option to keep this vital work in Scotland.”

The Herald revealed last week FMEL would lodge a compensation claim with CMAL over the ferry contract before Christmas. The shipbuilder said in its accounts “variations, interference and disruption caused by the customer have resulted in unforeseen additional costs”.

Auditors noted the costs linked to the ferry contract “represent material uncertainties that may cast significant doubt on the group’s ability to continue as a going concern”.