The Rathlin Island ferry is set to resume services from Friday.
The Department for Infrastructure said Dunaverty Ltd will be the new operator on the Rathlin Island to Ballycastle route.
A passenger-only vessel will run five return sailings a day, weather permitting.
Read next: Rathlin Island Ferry firm folds risking islanders' 'lifeline' ashore
The department’s vehicle-carrying vessel, the Spirit of Rathlin, will resume once approvals are in place with the Maritime and Coastguard Agency (MCA).
Rathlin Island Ferry Ltd has ceased trading, with its final sailing on Wednesday. No sailing will take place on Thursday.
The department said Wednesday’s announcement follows several weeks of engagement with Rathlin Island Ferry Ltd in relation to the contract between them, including the financial position of the ferry company.
Officials said they received notification on Wednesday from the company that it would cease trading with immediate effect.
The department said it has been working on contingency arrangements which could be implemented urgently.
Charles Stewart of Dunaverty, which also owns and operates Kintra Tours, said the firm is looking forward “to working with the department, the existing workforce and the local community to continue to develop and grow this lifeline service”.
Ferry crew members have been involved in strike action amid a row over pay.
Rathlin, which is six miles off the coast of Co Antrim, has a permanent population of around 150 people.
It is popular with tourists and is known for its colonies of breeding seabirds.
The Royal Society for the Protection of Birds in Northern Ireland, which operates on Rathlin Island, said it was a worrying time for the island community.
Director Joanne Sherwood said: “The ferry service is vital for the island community and for all who live and work on the island or rely on it to commute to Ballycastle and beyond.”
READ NEXT:
Child's tears ignite mum's fight to save historic site where nature thrives
Council accuses Stormont Dept of 'breaching obligations' over mineral licences
Bird flu hits Rathlin Island with dead birds spotted at seabird colony
Record NI temperature marked in global WMO report on escalating climate crisis
Watch: Behind the scenes with Rathlin Islanders helping endangered puffins
For all the latest news, visit the Belfast Live homepage here. To sign up to our FREE newsletters, see here.
