Construction News

28/06/2018

Scottish Govt Invests £30m To Support Commercial Shipbuilding

The Scottish Government has issued a £30 million loan to provide working capital for Ferguson Marine Engineering Limited (FMEL).

The funds, along with investment from Clyde Bowers Capital, will help support commercial shipbuilding and help the company diversify its business.

It will enable the shipyard to target investment in repair and maintenance capability and to win business opportunities in areas like ship servicing and repair, low carbon marine projects and decommissioning work.

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Finance Secretary Derek Mackay said: "Commercial shipbuilding on the Clyde has a long and proud history, and it is essential that we continue to support this important industry and help it reach its full potential.

"This investment allows FMEL to further diversify their business by moving into innovative areas, like low-carbon marine projects, and target decommissioning work.

"The loan is a strategic investment in our industrial capability as both the marine engineering sector and commercial shipbuilding have vital roles to play in Scotland's future."

(CM/MH)

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