The PSC Tema Shipyard Limited, which was on the verge of collapse after divestiture, is now back in full business.

The Company’s Head of Corporate Affairs/Administration, Mr. Ernest Ben Musey, stated that from the beginning of the year to May the company's position was bleak, as it had rehabilitated only five vessels, which he described as disgraceful. Mr. Musey was briefing newsmen after leading 30 students to tour the Company. He said since May, customers' confidence was restored and the company started receiving orders and has since repaired and turned out eight vessels. Currently, five vessels are in the Dry-docks undergoing rehabilitation, while it has received 20 confirmed orders to the end of September and enquiries to December. Mr. Musey said the De-watering pumps, Main pump and other vital equipment, which were not functioning have now been repaired and are operational but he could not give the cost of the rehabilitation. The Main pumps would, however, undergo major rehabilitation in due course, he said, adding, "We now have a sense of direction and purpose because the leadership is portraying a new outlook."

For the meantime, customers would be made to provide some materials such as paints and steel plates while the Company provides others. In 1997, the then Tema Shipyard and Dry-dock Corporation was divested with the government retaining 40 per cent of the shares while Malaysians obtained 60 per cent. Barely a year after the divestiture, conditions at the company started deteriorating with almost all the equipment breaking down, which compelled the workers to protest by cladding mourning clothes and wearing of red bands during the last May Day parade at the Independence Square, Accra. This led to the replacement of the management under Mr. Raihan Omar, a Malaysian General Manager.