Passenger ferry operator Stena Line has confirmed its intention to move from Stranraer to the new Loch Ryan Port as part of a £200m scheme to boost Scottish tourism.

The project is expected to reduce crossing times between Scotland and Northern Ireland, while also pushing forward plans for the regeneration of a 26-acre (10.5-hectare) waterfront site in Stranraer.

Announcing the scheme, Scottish First Minister Alex Salmond said: "The relocation of the port to the new Loch Ryan Port will also aid tourism with faster crossings between Scotland and Northern Ireland and help the regeneration of Stranraer as a major marine leisure area."

Stena Line chair Dan Sten Olsson added: "Tourism and freight business between Scotland and Northern Ireland has seen significant growth in recent years and despite the current difficult trading conditions, we are confident that an investment of this magnitude will pay dividends over the medium to long term."

The development of the new Loch Ryan Port is set to take 20 months to complete and forms part of the Second National Planning Framework.