This study presents a new fault-tolerant control scheme for ship dynamic positioning. The scheme aims to handle unknown disturbances, imprecise fault estimation, and control input constraints. First, an adaptive sliding mode disturbance observer is introduced. This observer effectively reconstructs disturbances in finite time, even without knowledge of their derivative upper bounds. Next, we design a novel prescribed performance function that sets bounds on tracking errors. This function is combined with an auxiliary intermediate control technique to create a high-level controller. Lastly, a robust fault-tolerant control allocation scheme is proposed to redistribute the generalized forces among faulty actuators. It autonomously finds a feasible force vector in the attainable force set. Simulation results are provided to demonstrate the effectiveness of the proposed control scheme.