​Arnish completes order, but speculation continues

This was accompanied by a report in the Financial Times that Treasury officials have warned that, in light of the company’s financial position, it would be “irresponsible” to underwrite a £200 million loan guarantee related to a Ministry of Defence order centred on the company’s Belfast yard.

The Financial Times reported: “The decision means the loss-making company could be forced to refinance on its own terms and raises questions about the viability of the business”.

John Wood, founder and chief executive, has insisted that failure to secure the guarantee would not spell the end and that other options remain. It is understood Ministers are involved in intensive discussions about possible support and restructuring of the group.

The group is made up of four “distressed assets” accumulated by Mr Wood – the Belfast yard, Appledore shipyard in Devon and two former BiFab yards at Methil and Arnish. While they have been successful in securing high profile orders, the financial foundations have always been the subject of speculation.

Meanwhile, it continues to be “business as usual” at Arnish with another landmark this week when two of the Cory barges destined for the Thames were floated out. They will transport waste generated by the capital along the river.

Albert Allan, general manager at Arnish, said: “We have had a successful loadout of the Erne and Lagan barges. Thanks to Sarens, Stornoway Port Authority, Clarksons and John Maciver and Sons for ensuring it was incident and injury-free."