The Chief Executive Officer of Ferguson Marine shipyard, John Petticrew, has recently announced his resignation after just over a year in the position. The shipyard, located in Port Glasgow, is currently facing challenges as it works towards completing the delayed Glen Rosa ferry. Mr. Petticrew cited “personal reasons” for his decision to step down and return to his home country of Canada.
Challenges and Milestones
During his tenure, Mr. Petticrew oversaw significant milestones for the shipyard, including the long-awaited launch of the Glen Rosa Ferry and the hand-over of its sister ship, Glen Sannox. However, both vessels have faced extensive delays and budget overruns, with the total cost nearing £400 million—significantly higher than the initial estimate of £97 million.
Glen Sannox, which was originally scheduled to launch in 2018, has encountered numerous setbacks and technical issues. Concerns are now mounting about the potential for further delays and increased costs for its sister ship, currently under construction. The completion of Glen Rosa and associated “under recoveries” is projected to cost £37 million.
Uncertain Future and Leadership Transition
Ferguson Marine’s future remains uncertain as it seeks new contracts to sustain its operations. A recent report from the shipyard highlighted the “uncertainty” surrounding the level of government support needed to ensure its viability as a “going concern.” The Scottish Government has provided a “letter of comfort” to offer support for a year following the approval of the annual accounts.
Despite the challenges, the shipyard is close to announcing a permanent CEO to succeed John Petticrew. Chief Financial Officer David Dishon expressed the shipyard’s commitment to securing a prosperous future and completing the Glen Rosa ferry efficiently. He stated, “We remain focused on securing a sustainable and prosperous future for the yard and are very close to announcing a permanent CEO to replace John Petticrew. We look forward to providing more detail on this very soon. In the meantime, we remain focused on our key priorities, to secure the future of the yard and deliver MV Glen Rosa as quickly and as efficiently as possible.”
The resignation of John Petticrew marks a significant development for Ferguson Marine shipyard, as it navigates challenges and strives to establish a sustainable future amidst ongoing projects and financial pressures.
