Delays to the first phase forced O’Rourke to make a £93m write-down in its last accounts.

Chairman Ray O’Rourke said: “We have regularly reported that the project has resulted in significant financial losses for the Laing O’Rourke Group, and minimising further risk on Phase 2 has been a priority.”

O’Rourke also confirmed that the company’s books are looking much healthier.

He said: “Successful execution of this transaction will now allow us to finalise our FY17 year-end accounts (31st March 2017), which we expect to file at Companies House at the end of January 2018.

“I can confirm that the FY17 Group results show a profit before JVs and exceptionals, and I further confirm that our FY18 year-to-date results show a further improvement in the profitability of our core UK business. “