Michelle Elliot and Graham Smith of FRP Advisory were appointed as joint administrators on 10 December 2025. The company had relocated its fabrication business from England to Goat Island in 2023, signing a 10-year lease with the Stornoway Port Authority.

Despite securing substantial public backing, including a £6.2 million grant from Innovate UK and £167,000 from Highlands and Islands Enterprise, the firm collapsed after suffering severe financial challenges through 2025. These difficulties were attributed to design issues and supply chain delays that stalled progress on vessel builds and created critical cash flow pressure.

At the time of the appointment, the company employed five staff and was working on five unfinished vessels, including the UK’s first all-electric Landing Utility Vehicle (E-LUV) and two stan tugs, according to Companies House filings. The administrators have noted that a sale of the business as a going concern is not possible. They are now focused on realising property to make distributions to secured and preferential creditors.

Ownership claims have arisen regarding several vessels, with Dutch shipbuilders Damen Hardinxveld and Damen Gorinchem asserting title over four of the boats.

While a full distribution is anticipated for preferential creditors, such as employees, it is currently uncertain whether there will be sufficient funds to make a distribution to unsecured creditors, though a “prescribed part” may be set aside if realisations allow.