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Stornoway ferry builders move to stave off bankruptcy       10/10/14

 

The shipyard building the new Stornoway ferry, MV Loch Seaforth, is in severe financial straits.

 

The 116-metre long vessel is being built at the Flensburger Schiffbau Gesellschaft (FSG) yard in Germany which has been searching for ways of stop going under with cash flow problems.

 

It has been negotiating with clients, banks and the German government in a bid to stay afloat.

 

A Norwegian company which has ships under construction at the yard seems to be the only hope for its survival but no firm takeover has yet been finalised.

 

The ownership of the £42 million ship could sail into stormy waters and a possible court battle if the yard business collapses.

 

The yard is normally expected to retain legal ownership of the vessel until its handover after berthing trials at Stornoway and Ullapool.

 

The ship is almost ready but workers still installing equipment and undertaking the final internal fitting-out.

Delays at completing construction works at the new ferry pier at Stornoway has already hampered the handover plans.

If the yard does go under, delivery would be set back further until legal wrangles are sorted out.

 

Global conglomerate, Siem Industries of Norway,  has made a bid for the FSG business which employs around 750 staff but seeks certain unknown conditions before going ahead.

 

FSG managing director Peter Sierk welcomed the potential lifeline.

 

Mr Sierk said: “This is an important and positive step for the shipyard.”

 

He added: “It is a necessary and just step in the right direction.”

No date for the ship’s handover is available, said Caledonian Maritime Assets Ltd (CMAL) - the Scottish Government company which owns the ships which provide ferry services to the Western Isles.

 

A CMAL spokesperson said: “Flensburger Schiffbau-Gesellschaft MBH and Co KG shipyard (FSG) is currently the subject of an acquisition that is due to complete later this month.

 

“However the work on the MV Loch Seaforth is nearing completion and is not expected to be impacted.

 

“A team from CMAL is in Germany overseeing the final elements of the build and are currently in discussions with FSG on the handover of the vessel.

 

“The date will be confirmed as soon as is available later this month.”