The SNP Government will continue to support commercial shipbuilding with a £30 million loan to provide working capital, alongside investment from Clyde Blowers Capital, to help Ferguson Marine Engineering Limited (FMEL) diversify its business.
The loan will enable the Port Glasgow shipyard to target investment in repair and maintenance capability and win business opportunities in areas like ship servicing and repair, low carbon marine projects and decommissioning work.
Finance Secretary Derek Mackay said:
“Commercial shipbuilding on the Clyde has a long and proud history, and it is essential that we continue to support this important industry and help it reach its full potential.
“This investment allows FMEL to further diversify their business by moving into innovative areas, like low-carbon marine projects, and target decommissioning work.
“The loan is a strategic investment in our industrial capability as both the marine engineering sector and commercial shipbuilding have vital roles to play in Scotland’s future.”
Kenneth Gibson commented:
“I welcome the SNP Government’s latest action to support Clyde shipbuilding.
“This of course follows construction of the MV Glen Sannox and MV Catriona by FMEL to serve Arran, amongst other vessels commissioned by the SNP Government. This boosted commercial shipbuilding on the Clyde, securing and creating employment opportunities, including new apprenticeships.
“The SNP Government’s commitment is in stark contrast to the UK Tory Government’s disregard for Scottish shipbuilding and the families that depend on it, after promising in the run-up to the 2014 independence referendum that Scottish yards would build 13 Type 26 frigates. After the event, a contract was awarded for only three.
“Only the SNP can be trusted to recognise the importance of Clyde shipbuilding and to actually put their money where their mouth is.”
Pictured: Kenneth Gibson and Bill Calderwood of Arran Community Council at Ferguson Marine in August last year, next to the - now launched - £48.5 million ferry MV Glen Sannox. The vessel will start sailings from Ardrossan to Brodick next year.