The Fife-based company has been purchased by DF Barnes, a subsidiary of JV Driver, via an agreement brokered by the Scottish Government, which will take a minority shareholding in the new company.
As part of the deal, JV Driver will acquire BiFab's yards at Methil and Burntisland in Fife and Arnish in the Western Isles, bringing project expertise and financial security to the troubled firm, which had been under threat of administration in recent months.
JV Driver is one of Canada's largest independently owned industrial construction companies, while subsidiary DF Barnes has been a consistent employer in the oil and gas, fabrication and marine industries for over 80 years.
Announcing the new investment, First Minister Nicola Sturgeon said: "We are delivering on the commitment I made last year that we would stand by BiFab and work to secure a long term future for the company.
"We have been in negotiations with DF Barnes for a number of months and today is a significant step forward in our efforts to restore BiFab to its place at the centre of Scotland's marine energy industry.
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"DF Barnes acquisition is a key milestone for all three BiFab yards and as a sign of our commitment to the company's future, the Scottish Government will maintain a close interest by taking a minority shareholding in the company.
"There is a lot of hard work ahead, and there is no magic bullet for these yards but the commitment of DF Barnes to securing a new future for the business at Burntisland, Methil and Arnish is a hugely positive step and I believe that gives BiFab the best chance of winning future contracts and securing new work.
"This announcement is also a tribute to the efforts of the trade unions and employees at BiFab whose dignified actions throughout this difficult time have played a huge part in enabling us to bring in new investors and creating new employment opportunities in Fife, the Western Isles and for the Scottish economy as a whole."
DF Barnes Chief Executive Officer, Jason Fudge, said: "DF Barnes is excited to now have a major presence in Scotland.
"Scotland has been an admired world leader in the offshore oil and gas and renewable energy sectors and we are delighted to join with the employees of BiFab and the people of Scotland to ensure the continued growth of BiFab for the benefit of all. This is a great day for us."
Economy Secretary Keith Brown said: "This agreement gives the workforce, the company and the government the best possible chance of securing a vibrant future for these yards.
"The Scottish Government believes BiFab can be a thriving business, supporting Scotland's offshore renewables and oil and gas industry as well as competing internationally.
"As the current contract comes to an end, and while efforts go into winning new work there will continue to be difficult times for the yard and there can be no guarantees that contracts will be won but I am confident this agreement, which sees the Scottish Government become a minority shareholder in the company, will deliver for BiFab's future in Fife and the Western Isles."
The Economy Secretary will make a statement to the Scottish Parliament later today, 17 April.
(LM)
