Ferguson Marine dismisses CEO David Tydeman as the shipyard faces delays and spiraling costs in the construction of two key CalMac ferries, with urgent restructuring and additional government support being sought.
Ferguson Marine, the shipyard tasked with constructing two CalMac ferries, has dismissed its Chief Executive, David Tydeman, as the company grapples with delays and escalating costs related to the vessels. The exact reasons for Tydeman’s removal have not been provided, but his departure occurs amid growing concerns about Ferguson Marine’s future and its ability to deliver the Glen Sannox and another vessel, both of which are significantly overdue and over budget.
The company, based in Port Glasgow, has seen the projected costs for the ferries rise to nearly £400 million, which is almost four times the original budget of £97 million. These ferries, notably the first in the UK to be planned to run on liquefied natural gas, have encountered numerous design and construction hurdles since their commissioning in 2015.
In response to these challenges, the Ferguson Marine board has appointed John Petticrew as the interim chief executive. This move forms part of a broader restructuring aimed at enhancing the shipyard’s commercial prospects and ensuring the completion of the delayed vessels. The board, under the leadership of chairman Andrew Miller, is also seeking additional financial backing from the Scottish Government to sustain operations.
The situation has drawn comments from Economy Secretary Mairi McAllan, emphasizing the urgency of delivering the ferries to serve island communities, and has sparked critique from opposition politicians who have questioned the SNP government’s management of the project. Calls for greater transparency and accountability have been made in light of the ongoing issues.
With the shipyard under intense scrutiny, the new leadership and strategic changes signal Ferguson Marine’s commitment to finishing the ferry projects and stabilizing the company’s future amidst challenging times. Stakeholders continue to closely observe the developments, hoping for a swift resolution to the ferry construction issues that have troubled the shipyard for years.
