THE years of speculation, drawn-out negotiations and frustration over the future of Nigg yard are finally over.

The breaking news that the sleeping giant is to be revived with the historic buyout by a company with local roots will be widely welcomed across the county.

And hopes will be high that the glory days of the yard, when it employed a 5,000-strong workforce, can be recaptured.

New owners Global Energy Group say they plan to develop a multi-use facility for energy sectors, including oil and gas and renewables, at the site which is widely regarded as one of Europe's finest deep water natural anchorages. Its first task is to establish a long lease at the site for its fabrication business, Isleburn.

Hopes have been raised - only to be dashed on several occasion down the years - since the yard was first offered for sale, with some imaginative would-be buyers suggesting potential for all manner of uses, from decommissioning to creating leisure resorts.

Now the deal is done, there may be relief that Nigg has landed in the hands of an already well-known local employer with international clout and strong ambitions.

During yesterday's announcement Global chairman Roy MacGregor said his firm had been busy exploring commercial opportunities for Nigg. Many share his belief that the purchase is a 'hugely exciting development" and indeed the news should be regarded as the most significant announcement in Highland industry in at least a decade. Indeed, Alex Salmond's presence at the press conference underlined the importance of the deal and the lucrative potential it unlocks.

Experts believe that Nigg enjoys a perfect position, ready to be transformed into Scotland's prime energy hub. Now the era of false dawns is over, Ross-shire can look forward to future announcements about commercial opportunities at the site, which, it is hoped, will take that vision forward.