The beleaguered shipyard owned by the Scottish Government is reliant on Westminster-funded MoD contracts to keep it afloat.
Ferguson Marine’s overdue company accounts have revealed how bosses are trying to secure work with warships being built further up the Clyde.
The yard is currently the centre of a scandal involving two delayed Calmac ferries which are now five years overdue and face a further six months of delays.
The accounts for the firm run by Ferguson Marine set out how funding for the yard doesn’t go any further than the two ships, referred to as Hulls 801 and 802.
They state: “There is not yet clarity over the future investment by Scottish Ministers, beyond Hulls 801 and 802, which would allow additional investment in the yard, enabling the yard to competitively compete for and win new work.
“Beyond the delivery of Hulls 801 and 802, at this point in time, the Group have no further contracts to deliver.
“Without certainty over future funding, the ability for the Group to be competitive in future contracts may be affected.”
Other Ferguson Marine company accounts state: "Ferguson Marine has capacity and skills to support the warship programme with BAE and Babcock as a strategic sub-contractor and is actively developing this work.
“Securing these two pipelines of work is recognised by the board of directors as strategically important for
Ferguson Marine, prior to any other consideration of more complex, larger vessels in the future. These will provide
opportunities to the operating subsidiaries within Ferguson Marine, creating demand for the facilities and resources from Ferguson Marine (Port Glasgow) Limited.”
Scottish Labour Transport spokesman Neil Bibby said “The MOD work is a vote of confidence in the yard’s workforce and the Scottish Government need to back that up with their own plan for future work. There is a lot of blame to go round but the workforce have been blameless.
“Perhaps if their had been listened to earlier we wouldn’t be in this mess.
“The SNP government need to start listening to the GMB (union) now who are calling for investment in facilities and a steady stream of work.”
Scottish Conservative shadow transport minister Graham Simpson said: “It is significant that the yard is having to be
reliant on work from the UK Government. Ferguson’s is facing an uncertain future because of SNP mismanagement and it is only through contracts like this that is can have any chance of a viable future.”
Last week Audit Scotland warned that the shipyard may not be viable in the future and condemned current bosses
for paying themselves cash bonuses without Scottish Ministerial approval.
The public spending watchdog said senior figures were paid £87,000 in performance bonuses in 2021/22. Auditor General Stephen Boyle said: “The Scottish Government needs to make sure its rules over pay are followed by this public body.”
A Scottish Government spokesman said: “The risks and uncertainties relating to the longer-term financial viability of Ferguson Marine are challenges faced by many businesses.
“The senior management team are rightly considering what commercial opportunities are available and can be secured to support their long-term sustainability.
“We realise the yard will need to win new contracts beyond the completion of the two ferries and that is exactly why the management team and Board of Directors are pursuing these kinds of opportunities.
“As with all public bodies that are funded by the Scottish Government, financial support is provided as part of the annual Scottish Budget cycle.
"The Scottish Government’s priorities have always been the completion of the two ferries, securing a future for the yard, and supporting our island communities that rely on this type of vessel on a daily basis.”
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