Member Info for Si_Derman

Imagine the near 50% increase in the ongoing c£60m Searose contract might go some way to tide us over. Amonst other projects like the recently completed cable barge, dock gates etc.

Day to day work obviously continues at the yards, as can be witnessed by the two Cory barges linked to by Stokey, but it can't be nice having this shadow hanging over the employees. Made all the worse by the emotive "hatchet job" reporting in some of the press. There are 50 jobs currently being advertised on the companies own careers page. Obviously we would have clear idea of how many are new positions. Or if they are re-hiring due to the natural churn of staff or if some are due to this implied threat to the companies future exacerbating that churn.

As regards this job, this bit caught my eye. "Assist with treasury aspect of any M&A activity."

So, would that be H&W buying or selling? :)

TBH,X, on initial reading it just seemed a pointless update to just reiterate that they are continuing to work on the accounts. Did they think that we thought they had stopped or something? And I guess "people" were "crying out" for news because in the previous RNS they had been told to "expect" news. Maybe don't give timelines that are not in your gift to keep :)

This issue of the revenue recognition has draggged on far too long, imo. With what seems very little progress other than that being implied by continued or further discussions. In the RNS on the 1st of July we were told that "as previously announced", the Company were already in ongoing discussions. Well, would hope so, tbh. And that "the Company and its auditors have recently agreed the treatment of revenues..." So they had already agreed back then on how they were going to treat the multi-year contracts. So treat them already and publish them. It's not as if they have to start again. Just move the relevent revenues into the agreed column for whichever year. Unless you are trying to pull the wool and make things appear better than they were the overall recieived payments don't change. Just how youy divi them up. They make it sound like they are the first company to ever have multi-year, multi-payment contracts. Imagine it's standard in big business and one would think that any accountant, fit for purpose, would know how to deal with them. Running foul of the auditors sounds like someone is being, or asked to be, a bit more "creative".

Anyway, I can deal with issues arrived at by my own failings. What I don't like are my funds being held to ransom by the apparent ineptitude of others. That's why you pay yourself the big bucks, is it not? Not that we have a choice in that matter. Well, not until we get a chance to vote at an AGM. Get it sorted, get it published and move on.

Thought they had agreed with auditors on how to proceed with the accounts before they took into suspension. Just get on with it ffs…..

If not obvious, i was actually agreeing with you . No wobble required. No fan of JW whatsoever, fwiw.;)

Still all there, fwiw. :)

https://www.lse.co.uk/rns/INFA/

NB. You have to remeber who hired him and why. After organising the shareholder coup and milking it for what he could, AP couldn't wait to pass on the reins and move on to his next project. Ergo, JW and AR, surounded by a compliant BoD and chair.

Nice update and pics on the latest vessels activities over on the marine services FB page. Hardly a replacement to a decent RNS, but good to know the company is still operating at least, while we wait for news any pretty much anything else but the average day to day stuff.

"H&W Tean, from leaving the yard to loading and delivering cargo, the first few days have certainly been busy for her, here you can see a trip to and from Lundy Island - The Landmark Trust with their land team assisting to unload late at night, then loaded up in Penzance as soon as she arrived into port with a full load of plant and machinery for TMS Ltd, once out in the Isles Of Scilly it was offloaded and she headed straight back for another run"

There is only a"progress to complete" in there, JFK. Not an actual completion, just progress in that general direction. And of course the ever present "expects", being the most included caveat in every RNS.

As predicted last night, expect a name change when announcing the latest vessel to the fleet. :) So, the Naomi Jennifer has now officially had it's name changed to the Teän. Couldn't quite make it out the other day when I was down there.

Fwiw, the SSC only posted their three name choices on FB at about 11am today. So unless they hung over the side and painted on the new name en route today, they would have done the sign writing well before the SSC announced theirs. Considering that they named the last one Samson, another one of the islands, and being only a small chain of islands there is only so many names to choose from. Maybe the SSC saw what name H&W had chosen and put it on their list. Just as daft a notion. ;) Anyway, I'm sure everyone will get used to it.

And, I see that she is already heading out to the Islands as I type. Busy, busy. :)

The tug is now showing a destination of Portsmouth and looks to be towing something. KBS Maritime is based there so could be taking the new cable barge down to it's new owners. Saw they made a comment on their LinkedIn account yesterday regarding H&W's update, "A little cable barge update from Harland & Wolff Appledore 😍 Looking forward to welcoming the new barge home to Portsmouth very soon ⚓"

So, is that job done and maybe an £800K cheque in the post? Or the balance, if already part paid. :)

Further to the LinkedIn update. The Severn Scimitar ( previously named Goliath, aptly enough) left Bideford this morning and called in to the New Quay yard to exactly where both the Atherstone and the cable barge are moored. It has since left and has now sailed out into the bay. Not showing a destination or if towing, afaics, but odd that it called into the yard first. Just trying to ascertain if something is happening with the Atherstone. The barge looked like it still required a paint job.

All well and good for the company on the defense side of things, halfpenny. We could all do with a lot more hope. :)

But as regards the thread title, is he now stuck in a kind of "sunk cost fallacy" and might carry on with the project even when it's not beneficial to anyone. Just because of investment in the vessel and promises made. I am only talking about the passenger side of this "venture" and not the freight side . Although, I would love to know if the Kraken Marine guy, Julian, is still just as keen as he was when he first got involved?

Morning Mike. Sorry to hear you and others have been effected by all this nonsense. We all get it and to varying degrees have also been the victim of your numbers 1 and 10 over the years of JW's involvement in this company. Some of us going back a lot longer than his more recent tenure. All most of us were looking forward to was maybe the Appledore yard building the Scillonian IV as they did with the Scillonian III previously. He should have walked away when he didn't get the contract from the SSC. Saved us all the hassle. Gawd knows how this is going to end, tbh.

Fwiw, it's the Naomi Jennifer. The latest addition with the fresh paint job. Imagine it will get a new name when they get around to announcing it.

See they are using the phrase "potential orders" when I had hope the move was actually in readiness for more immediate work. Other than FSS prep.

Note there are a couple of naval patrol vessels out in the bay. HMS Blazer and Smiter.Plus a fisheries patrol vessel Morven.

They are just officially announcing what I said yesterday, fwiw. Maybe the read my post, lol.

Been away and on the way home. Swung down to see if any activity down the yard. Can see the new landing craft has what looks like a finished paint job now. Can’t make out the name from across the water. The Atherstone is actually out of dry dock and moored alongside the NewQuay yard as is what I guess is the new cable barge, all grey with primer coat. A tug name the Severn Scimitar is moored just outside the main dock doors. And what might be the Puffin is up on the NewQuay yard car park on blocks.

Heading home to catch up on the rest of the news.

Not sure I agree with you there. I reckon the conscious choice of using "pushed back" was deffo a comment. Just announcing the date would have been without comment. But, whatevs. At least it's announced now. Which is the main thing, eh? :)

20th of June Update on the Scilly Ferries FB page said,"Whilst we are not yet ready to accept passengers, we do believe by early / mid July we will be in a position to do so."

"Pushed back" from early / mid July to now the 19th of July. That's as much as 4 days more than their upper timescale projection. Wow, they might as well forget about this season and wait until next in that case. ;)