Wight Shipyard Co. has announced an all-share merger with multinational shipbuilder OCEA, which will see operations in East Cowes ramp up significantly.
The deal is scheduled to complete by March 2022 and will see The Wight Shipyard Co. nearly double in size, providing significant employment opportunities at the East Cowes yard.
Speaking about the merger, Peter Morton, CEO of The Wight Shipyard Co., has said:
“This is a transformational deal for The Wight Shipyard Co. and for the Isle of Wight, confirming the resurgence of the shipbuilding industry in the United Kingdom.
“We have been working with OCEA on a number of projects and it was very clear from the outset that we complemented each other in terms of skills and experience and, going forward through the business cycle, both companies can benefit from the synergies and opportunities that this deal presents. We have enjoyed a first-class working relationship with OCEA to produce vessels and solutions to the highest standards, pushing the boundaries in terms of fuel efficiency, the environment and modern shipbuilding practices.”
The Wight Shipyard Co. has rapidly built a considerable reputation in the fast-ferry market, selling its innovative, high-tech, environmentally friendly vessels both domestically and internationally and was recently awarded a Queen’s Award for Enterprise for Export in 2021.
OCEA similarly, was awarded the Baird Maritime award in 2020 for best large patrol boat (Offshore Patrol Vessel OPV270) and is an innovator in the aluminium vessel market with high quality builds for maritime security, passenger vessels, multipurpose workboats, transoceanic yachts and hydrographic research markets.
The strength of OCEA’s international export market has driven its multinational expansion. Both companies also have complementary expertise supporting the offshore renewable energy sector. Combining the 2 together will produce a truly global aluminium shipbuilding operation with an order book that offers the business security and sustainability well into the future.
Roland Joassard, CEO and founder of OCEA is excited by the deal saying:
“OCEA is expanding internationally to respond to strong demand in these markets and appreciates the new ‘Global Britain’ and refreshed National Shipbuilding Strategy outlook.
“Wight Shipyard Co. shares the same DNA, passion and high quality of workmanship as OCEA and its expertise in the fast ferry market complements OCEA’s qualities in other markets.
“Having worked with the Wight Shipyard Co. and Peter’s team in a number of ways already, we feel that they are the perfect partner to develop global orders for the fast ferry and offshore renewable energy markets.”
Based at their primary yard in Les Sables d’Olonne, OCEA employs more than 500 skilled operators with further facilities in France, including the Caribbean and the Philippines. Following the merger with the Wight Shipyard Co., the Group will share resources and operations in East Cowes that will ramp up significantly, helping the Isle of Wight to ‘level up’ with the creation of much-needed employment opportunities.
Speaking about those opportunities, Peter Morton further commented:
“For East Cowes and the Isle of Wight, this is a step change in terms of future employment and security for the outstanding team at The Wight Shipyard Co. We will be able to bring in more high-skilled shipbuilders and technicians as well as providing career pathways all through the production chain. It’s a deal that secures livelihoods and is transformational for East Cowes as the epicentre of aluminium shipbuilding in the UK.”
Bob Seely MP has said:
“I welcome the news that Wight Shipyard has pledged to grow the size of the business on the Island. We all want Island shipbuilding to go from strength to strength.
“When the Isle of Wight Council and I negotiated to take the Columbine building into Council ownership a couple of years ago, to secure shipbuilding on the Island, this is exactly the future that we aimed for.
“I hope this decision will not only safeguard existing jobs in East Cowes, but also create new ones.
“As I understand it, this merger will enable the shipyard to pitch not only for the construction of catamaran ferries, but for larger contracts as well. I wish them well with their expansion plans.
“This is all part of a better future for the Island.”
The merger comes on the back of the news that The Wight Shipyard Co. has secured the contract for 2 new ‘Uber Boat by Thames Clippers’ with the shipyard already into the design and build of the next generation of Clipper-class vessels utilising the very latest battery-power technology and re-charging options.
Great news. Being as they are only next door, how about a new Floating Bridge.
Better still, why not a swinging bridge, take a lot of traffic out of Newport…
Great news, so long as the french side of things play it fair.
Well done Wight Shipyard but beware Frenchmen bearing gifts.
What a pity the rest of the site, particularly the Medina Shop was let go to Red Funnel as a lorry park !!! That could have provided a massive amount of expansion.
Maybe they should of been commissioned to build us a good working and reliable Floating Bridge that islanders could of relied on instead of all the money being wasted on the one we now have.
Great news for the island .The needs industry more than houses and supermarkets which there are too many