Nationalised ferry shipyard made £100m loss in months after state takeover
Workers view the ferry MV Glen Sannox (Andrew Milligan/PA)
A nationalised shipyard tasked with delivering two ferries made a £100 million loss in the months after it came under the ownership of the Scottish Government, figures show.
Ferguson Marine (Port Glasgow) Holdings Ltd was nationalised in August 2019 following its collapse into administration after its ferry-building endeavours were dogged by delays and overspends.
It had been contracted to deliver two vessels for CalMac for £97 million, with an initial completion date set for 2018.
But the vessels, referred to as 801 and 802, are not now expected to be completed until 2022 and 2023 respectively, with the cost having almost doubled.
Nationalised Scots shipyard made £100million loss in first four months
Ferguson Marine (Port Glasgow) Holdings Ltd was nationalised by the SNP government in August 2019.
08:06, 30 APR 2021
The Ferguson Marine Yard in Port Glasgow made a £100million loss in just four months (Image: Daily Record)
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image captionFerguson went into administration following a dispute over the construction of two ferries
A nationalised shipyard tasked with delivering two ferries recorded a £100m loss in the first few months it was under Scottish government ownership.
Ferguson Marine (Port Glasgow) Holdings Ltd was nationalised in August 2019 after it went into administration.
The firm went bust amid delays, cost overruns and recriminations over an order for two CalMac ferries.
The turnaround director appointed by the government insisted the losses were due to accounting matters .
Ferguson Marine was contracted to deliver two vessels for CalMac for £97m, with an initial completion date set for 2018 but the work has seen repeated delays and overspending.