TWO leading shipbuilders have ruled themselves OUT of the race to take over Ferguson's shipyard - as a new deadline is set for a timetable to finally finish two heavily-delayed CalMac ferries.

The Telegraph can reveal that Babcock, which has a base in Rosyth, and Merseyside firm Cammell Laird are not interested in the Newark facility.

The Scottish Government seized control of Ferguson's from Clyde Blowers Capital last week.

It has four weeks to find a commercial buyer otherwise the Port shipyard will be nationalised to protect around 300 jobs and ensure the delayed and over-budget £97 million CalMac ferry contract is finally completed.

Representatives of Cammell Laird, which is owned by Peel Group and manages Inchgreen Dry Dock in Greenock, confirmed the shipbuilder is not interested in acquiring Ferguson's.

Sources at Babcock say the company is also out of the running for the Port yard, although a spokesperson for the firm declined to comment when contacted by the Tele.

It comes as finance and economy secretary, Derek Mackay, set a deadline of the end of October for the new Ferguson's management and board to come up with a 'robust delivery schedule' for the' effective and efficient' completion of MV Glen Sannox and Hull 802, as it is currently known.

The announcement was made by Mr Mackay as he chaired the first meeting of the new leadership group at the yard on Monday.

He said: "We have always been clear that we want to complete the vessels, secure jobs and give the yard a future. "On Friday, I met with the excellent workforce and stressed the Scottish Government's commitment to achieving the best possible outcome for the yard.

"On Monday, I convened the first meeting of the newly established programme review board and tasked them with establishing a new delivery schedule for both vessels and a revised cost window. "This group will help assess the current situation and ensure the effective and efficient delivery schedule of the Caledonian Maritime Assets Limited (CMAL) ferry contracts as quickly as possible."

The review board features representatives from the government, Scottish Enterprise, CMAL, Marine Scotland, CalMac parent company David MacBrayne Group, Ferguson's GMB union official Alex Logan, on behalf of the workforce, and the newly-appointed 'turnaround' director, Tim Hair.

The interim chairperson is Michelle Rennie, director of major projects at Transport Scotland.