According to a financial statement by Chief Financial Officer David Dishon, the board of directors recognizes that events or conditions may cast doubt on the shipyard’s ability to continue as a “going concern.”
The Scottish Government has issued a “letter of comfort,” offering support for one year following the approval of the shipyard’s annual accounts. However, concerns persist over the long-term stability and financial security of the business.
Glen Sannox Delivered, Glen Rosa Delayed
The first of two ferries built by Ferguson Marine for CalMac, Glen Sannox, entered service last month after years of delays. Its sister vessel, Glen Rosa, has faced similar setbacks and may encounter further delays. The combined cost of both vessels has reached nearly £400 million, more than four times the original budget of £97 million.
The delays and cost overruns have drawn significant media attention, contributing to reputational risks for the shipyard. Audit Scotland highlighted these concerns in a report from December, warning of the uncertain future of Ferguson Marine and noting that no new contracts have been confirmed beyond Glen Rosa.
Leadership Challenges and Workforce Retention
A stable leadership structure has been identified as a critical challenge for the shipyard. Interim Chief Executive John Petticrew is expected to remain in his role until Easter, but there are concerns about the shipyard’s ability to attract and retain a permanent leader. Edward Mountain, convener of Holyrood’s Transport Committee, criticized the Scottish Government's approach, stating that ministers have not fully grasped the gravity of the situation.
“Until the Scottish Government takes the future of Ferguson Marine seriously, it will be impossible to recruit a chief executive and retain the many talented staff that work there, who will drift away to other opportunities offered to them on Clydeside,” Mountain said.
Bidding for Future Contracts
The shipyard is competing internationally for a contract under the Scottish Government’s small vessel replacement programme. Petticrew expressed confidence in securing a sustainable future for Ferguson Marine in collaboration with the government.
“We are confident that, in partnership with the Scottish Government, we can secure a sustainable, long-term future for Ferguson Marine for the benefit of its workforce and the wider local community,” Petticrew stated.