Plans to create a major north sea oil and gas decommissioning facility in Orkney have been revealed.

DSM Demolition have released plans for the proposed site in Lyness, on the east coast of Hoy.

The firm says it hopes to take advantage of the multi-billion pound decommissioning market expected as North Sea oil and gas fields reach the end of their production lives.

Analysis by industry experts estimates that 144 rigs will be decommissioned between 2019 and 2026, accounting for a spend of between $44billion and $51billion .

The demolition company said the project will create a jobs boost for Orkney and provide further economic benefits to local suppliers and businesses.

Representatives from DSM met with Graemsay, Hoy and Walls Community Council on Tuesday to provide an initial outline of the project, which is is still at a "very early stage".

DSM's Graham Crowe said: "Our vision is for the Lyness site to become the exemplar decommissioning facility for the North Sea.

"The project has potential to create a significant number of local jobs and that local companies will secure further spin-off benefits from supplying support services.

"The substantial, long-term opportunity provided by decommissioning offers an economic driver to provide employment and community benefits to Hoy and the rest of Orkney for many years.

"However, we are fully aware that it is absolutely vital that the local community - even at this early stage - are able to see what is proposed, to have any questions answered and to have their say on this very important project.

"We will be also working closely with Orkney Island Council to ensure all the required environmental impact reports and consultations with interested parties are fully completed."

The company said it chose the site because of its "existing harbour and safe, deep water anchorage, combined with access to the oil and gas fields through Scapa Flow".

Director of WWF Scotland, Lang Banks, said the project could mark the start of a "new chapter" in the North Sea economy.

He said: "It's been estimated that 285 platforms and over 4000 oil and gas wells will require to be removed from UK seas over the coming decades, leading a new multi-billion pound decommissioning industry.

"While this particular proposal will of course have to go through all the appropriate planning procedures, with the right kind of support from politicians, Scottish island and coastal communities could secure a big slice of the jobs that will come from cleaning up after the North Sea oil and gas industry.

"In the interests of tackling climate change, science tells us we cannot burn all the oil and gas that remains under the sea.

"Instead, we need to see a sensible transition away from fossil fuels, harnessing the skills of those currently employed in the sector in clean energy technologies as well as decommissioning. If done right it herald the start of a whole new chapter in the economy of the North Sea."

DSM said it anticipates that a formal planning application will be made at the end of this year with the facility scheduled to open in 2018.