Neil Gray says Ferguson shipyard would have been in jeopardy had Hull 802 been built elsewhere.
Two ferries were ordered in 2015 when the yard was owned by Jim McColl, a pro-independence businessman who rescued it from administration a year earlier.Mr McColl and the government-owned ferry procurement agency CMAL blame each other for the problems.
The minister said he wanted to see a "commercially successful Fergusons" but said issues such as spiralling inflation were having an impact. He said that while the value for money review concluded it could be cheaper to procure a new ferry elsewhere, it would lead to significant delays, as it could not be deployed before May 2027.
Scottish Conservative Highlands and Islands MSP Jamie Halcro Johnston said Mr Gray's statement was "pretty humiliating".
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