The collision occurred on the Banff to Aberdeen road, between Newmachar and the AWPR (A90) junction, at around 10pm on Friday, January 21.
The crash involved a silver Ford Focus, which was was travelling north, and a black Fiat 500X, which was heading south.
The 34-year-old male driver of the Ford was taken to Aberdeen Royal Infirmary, where he continues to be treated for serious injuries. Police said that his condition is not believed to be life-threatening.
The driver of the Fiat, a 29-year-old male, was also taken to hospital for treatment of a foot injury, however, he was later released.
Road Policing Officers attended the scene. They closed the road for six hours, while they conducted an investigation into the crash.
Police have asked any witnesses of the incident, as well as anyone who can assist with their ongoing inquiries, to come forward.
Sergeant Scott Deans from the North East Road Policing Unit said: “We are continuing to investigate the circumstances surrounding this collision and would ask for anyone who was travelling on the A947, between Banff and Dyce at around 10pm on Friday evening to get in touch if they saw what happened.
“Similarly, if you believe you have dash-cam footage that captured the incident, then please also contact police immediately.”
Anyone with information can contact the North East Road Policing Unit via 101, quoting incident number 2010 of 21 January, 2022.