Meeting of the Parliament 03 March 2026 [Draft]
I will talk about the principle then come to the specific figure.
On the additional cost, we know how critical it is for the yard to undergo a programme of modernisation. If Ferguson Marine is to meet the objective that I have set—to secure work on the open market—it needs to be as competitive as possible. We have provided the additional capital investment in order to support Ferguson Marine’s modernisation objective, and it has been very clear about how it could invest in additional equipment and so on, so that it is internationally competitive. It has not been possible to release all that capital before there was work, because it needs to be clear that that investment is aligned with income that is coming into the yard. With the announcement that I have made today, we are now able—subject to all the due diligence points that I have previously made—to release additional funding from that capital commitment.
The 20 per cent figure is not one that I am familiar with. It is important to state that, in undergoing the programme of modernisation, Ferguson Marine will need to work with the Scottish Government and others to ensure that the costs are appropriate. That is the reason for undertaking the due diligence work. However, I would be very sceptical of figures that are provided at this point, because they are in advance of both the due diligence process and the modernisation work that is required.