‘Uncertainty' around level of support needed for shipyard's future, report says
A report from Ferguson Marine acknowledges 'uncertainty' around the level of government support the state-owned shipyard needs to maintain its operations and continue as a 'going concern'.
The Scottish Government has given the shipyard a 'letter of comfort' which offers support for a year-long period following the approval of the annual accounts.
But a senior MSP says ministers have failed to grasp the seriousness of the situation and warned that Ferguson Marine will struggle to recruit a permanent replacement for its current interim chief executive.
Glen Sannox, the first of two large ferries built at the Port Glasgow shipyard for CalMac, entered service last month.
But there are fears the handover of its sister ship, Glen Rosa, which has also been delayed by years, could slip even further behind schedule.
The total cost of both vessels approaches £400 million – more than four times the initial £97 million figure.
In a company financial statement, first published by The Herald, chief financial officer David Dishon says the board of directors acknowledges 'uncertainty surrounding the future levels of support required'.
The statement, from late October, further says there is uncertainty around events or conditions which 'may cast significant doubt on the group's ability to continue as a going concern and, that it may be unable to realise its assets and discharge its liabilities in the normal course of business'.
However, he said the board has a 'reasonable expectation' there will be sufficient resources to continue operating for the foreseeable future.
'Stability at the top' was listed as one of the risks to the company, as well as reputational damage from media attention around the delivery of Glen Sannox and Glen Rosa.
Interim chief executive John Petticrew is expected to stay in place until Easter.
In December, Audit Scotland said the future of Ferguson Marine was 'uncertain', noting that no further work has been confirmed beyond Glen Rosa.
The shipyard is currently bidding against others from around the world to secure a contract for the government's small vessel replacement programme.
Edward Mountain, convener of Holyrood's Transport Committee, said the Government 'do not appear to understand the seriousness of the situation'.
He said: 'Until the Scottish Government take 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.'
Mr Petticrew said: '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.
'We are actively exploring opportunities to secure more commercial work, including but not limited to the small vessel replacement programme and are hopeful that we will be successful in securing more work for the yard.
'In the meantime, Ferguson Marine remains focused on delivering MV Glen Rosa as quickly and efficiently as possible to support and serve Scotland's important island communities.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Leader Live
34 minutes ago
- Leader Live
Rate of women being hired into top jobs falls for third year running
The professional networking site revealed that women were hired into just more than a third – 36.8% – of leadership positions in the year to March 1, down 2.1% year-on-year. This has left the rate of female hires into senior roles back where it was in 2020, according to the figures. The data also showed that while more UK women are now in top management roles than they were in 2019 – at 30.9% last year versus 27.6% in 2019 – the progress has slowed significantly in the past two years, rising by just 0.3 percentage points. The figures suggest it becomes more difficult for older generations to reach senior management, with 19.4% of so-called baby boomers – those born between 1946 and 1964 – in these roles compared with 28.9% for gen X, 36.7% for millennials and 39.3% for gen Z. The statistics, compiled by analysing the group's 43 million-strong membership base across the UK, also show that, as of March, women made up 45.8% of hires in the UK, down 4.6% year-on-year. Globally, the figures paint a similar picture, revealing that less than a third of senior leadership roles are held by women (30.9%) despite making up almost half (43.2%) of the worldwide workforce. This 'drop to the top' is most pronounced in the science, technology, engineering and mathematics (Stem) sector, where only around one in eight (12%) of leadership positions are held by women, according to LinkedIn. It is calling for the Government and businesses to promote hiring based on skills rather than qualifications to help ensure women do not get left behind, in particular amid the shift towards artificial intelligence (AI). Janine Chamberlin, head of LinkedIn UK, said: 'Just as AI is reshaping the workplace and demanding more adaptable, collaborative leadership, we're seeing women's progress into senior roles stall for the third year running. 'Women are 20% more likely to have that multi-domain experience, working across different industries and functions, which creates exactly the kind of flexible, agile leaders businesses need for AI transformation. 'Yet we're locking them out of leadership precisely when we need those skills most.' The online giant believes that a skills-based approach to hiring – through prioritising skills over qualifications in recruitment – could broaden the talent pool for women by 6.3 times globally.
Western Telegraph
44 minutes ago
- Western Telegraph
Rate of women being hired into top jobs falls for third year running
The professional networking site revealed that women were hired into just more than a third – 36.8% – of leadership positions in the year to March 1, down 2.1% year-on-year. This has left the rate of female hires into senior roles back where it was in 2020, according to the figures. The data also showed that while more UK women are now in top management roles than they were in 2019 – at 30.9% last year versus 27.6% in 2019 – the progress has slowed significantly in the past two years, rising by just 0.3 percentage points. The figures suggest it becomes more difficult for older generations to reach senior management, with 19.4% of so-called baby boomers – those born between 1946 and 1964 – in these roles compared with 28.9% for gen X, 36.7% for millennials and 39.3% for gen Z. The statistics, compiled by analysing the group's 43 million-strong membership base across the UK, also show that, as of March, women made up 45.8% of hires in the UK, down 4.6% year-on-year. Globally, the figures paint a similar picture, revealing that less than a third of senior leadership roles are held by women (30.9%) despite making up almost half (43.2%) of the worldwide workforce. This 'drop to the top' is most pronounced in the science, technology, engineering and mathematics (Stem) sector, where only around one in eight (12%) of leadership positions are held by women, according to LinkedIn. It is calling for the Government and businesses to promote hiring based on skills rather than qualifications to help ensure women do not get left behind, in particular amid the shift towards artificial intelligence (AI). Janine Chamberlin, head of LinkedIn UK, said: 'Just as AI is reshaping the workplace and demanding more adaptable, collaborative leadership, we're seeing women's progress into senior roles stall for the third year running. 'Women are 20% more likely to have that multi-domain experience, working across different industries and functions, which creates exactly the kind of flexible, agile leaders businesses need for AI transformation. 'Yet we're locking them out of leadership precisely when we need those skills most.' The online giant believes that a skills-based approach to hiring – through prioritising skills over qualifications in recruitment – could broaden the talent pool for women by 6.3 times globally.
Scottish Sun
an hour ago
- Scottish Sun
Firm linked to bra tycoon Michelle Mone begins court battle over dodgy Covid kit
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A FIRM linked to bra tycoon Michelle Mone has begun a court battle to keep £122million it received for dodgy Covid protection kit. UK health chiefs are suing PPE Medpro — which Baroness Mone, 53, and her husband Doug Barrowman, 60, both from Glasgow, had denied for years they were involved with 3 A firm linked to bra tycoon Michelle Mone will appear in court Credit: Corbis 3 The bra tycoon and husband Doug Barrowman Credit: Getty 3 Michelle Mone ahead of the State Opening of Parliament Credit: PA The High Court in London was told 25million surgical gowns had been rejected as unsuitable for the NHS as it was deemed 'non-sterile' with 'invalid technical labelling'. It was later revealed that Baroness Mone had lobbied Tory ministers on behalf of the consortium. Both deny wrongdoing, as do Medpro over gowns supplied in 2020. Paul Stanley KC, for the Department of Health and Social Care, said 'initial contact with the firm came through Baroness Mone' and she remained 'active throughout'. But he added her communications were 'not part of this case', which was 'about compliance'. PPE Medpro won two contracts worth over £200million via the UK Government's 'VIP lane' procurement process. TELLY HOST'S SHOCK By Matt Bendoris BBC host Laura Kuenssberg has revealed the interview that 'sticks' with her the most is when Michelle Mone confessed to being a liar. Scots bra tycoon Mone spent two years fiercely denying through an army of lawyers any involvement with the firm PPE Medro, which had earned over £200million worth of Government contracts to supply face masks and surgical gowns during the Covid pandemic. But in 2023 it was revealed that the Tory life peer and her three adult children had received £29million from the company via her second husband Doug Barrowman. That led to a 'Prince Andrew-style' TV showdown with the politics presenter on her weekly show Sunday with Laura Kuenssberg. Appearing alongside Barrowman, 60, Baroness Mone, 53, made the jaw-dropping confession: 'I can't see what we've done wrong. Lying to the press is not a crime.' Read more HERE It was later revealed Mr Barrowman had received more than £65million in profits from the contracts. And he confirmed he transferred £29million from the firm into a trust benefiting Baroness Mone and her three children. Neither the Tory peer nor her husband are expected to give evidence during the trial. The UK Government is seeking to recover the costs of the contract plus transport and storage expenses. Trial continues. Carol Vorderman reignites feud with ex-pal Michelle Mone in furious rant on This Morning Meanwhile Mone's ex-lawyer has denied telling her to lie about links to a scandal-hit firm. Jonathan Coad insisted the Scots bra tycoon's allegation that he did was 'not true'. Baroness Mone, 53, blamed him for her three-year refusal to confirm her connection to PPE Medpro — given £200million for Covid protection kit and now being probed by cops. Mr Coad, 67, said: 'I did not advise her she should keep her involvement secret. "The suggestion she did so by taking the advice of her lawyers is just not true. "To have Baroness Mone make allegations against me of serious impropriety was potentially very damaging."
