Bringing the "SS Nomadic" to Belfast : The Acquisition and Restoration of the "SS Nomadic"

Since the purchase of the Nomadic - a ship linked historically to the Titanic - in January 2006 at a cost of GBP 263,000, the Department has incurred further expenditure totalling GBP 650,000 to December 2008 on this project.

This report records that the estimated cost of restoring the vessel to its original condition is in the region of GBP 7 million, although a more accurate estimate will be available on completion of a conservation management plan.

This is currently being prepared for the Nomadic Charitable Trust which is responsible for the restoration and ongoing maintenance of the vessel.

Whilst the business case for the purchase of the Nomadic contained some consideration of how to move the project forward after purchase, a more detailed consideration may have contributed to the project meeting key objectives earlier.

This is seen as a key lesson for the Nomadic project.

Fundraising has been a challenge, with GBP 1.37 million raised at January 2009 against a target of GBP 5 million by October 2009.

Planned restoration by the centenary in 2011 is a challenging target given delays to date. The Department and Trust must work closely with the Northern Ireland Tourist Board and other government departments to ensure that the Nomadic is intrinsically linked to the overarching Titanic project.

The report highlights that a thorough economic appraisal is an essential part of good financial management and is vital to decision-making and accountability.

In preparing economic appraisals for any programme or project, departments should fully consider all options and potential risks to the procurement process.

Failure to do so will make it more difficult to demonstrate that value for money has been secured.