Drydocks strikes deal for luxury yachts refit centre

One of the docks at Malta Drydocks is to be redeveloped to cater for the maintenance of megayachts and superyachts in a move that can substantially boost the 'yard's income, a spokesman for the Economic Services Ministry said yesterday.

An agreement on the project was struck with the US's premier custom yacht builders Palmer Johnson Yachts. The dock will be known as PJ@Malta Super and Megayacht Refit and Service Centre.

The spokesman said that Palmer Johnson would partner up with MDD to create a strategic Mediterranean refit and service location.

No such facility existed in the Mediterranean and the government was looking at this niche market that could prove profitable if handled correctly, the spokesman said.

The agreement was signed between MDD chairman John Cassar White, drydocks chief executive Peter Moore and PJ representatives at the 2002 Monaco Yacht Show yesterday.

The Malta facility will accommodate superyachts up to 460 feet, the spokesman added.

PJ's vice president Skip Robinson said the facility would include the construction of a 140-metre cover for the dock. It would have a dedicated, highly trained workforce devoted to refit and repair super and megayachts.

Facilities would include accommodation for crews and project management staff as well as the team of refit and service specialists allocated to projects taking place at the dock, he said.

"PJ-Malta-Superyachts marks a major milestone for the company and the clients we serve," Phil Friedman, PJ's president and chief executive officer said.

"This facility, with its exceptional capacity, coupled with our substantial operations in Savannah, Georgia, puts us where so many of our clients are throughout the year - either cruising the Mediterranean in the summer or cruising the southeastern US and Caribbean in the winter," he said.

Mr Moore described the development as a major milestone.

"Since I joined Malta Drydocks several years ago, one of my goals has been to develop a separate division that caters exclusively for the superyacht and megayacht market."

Mr Moore explained it was best to partner with experts that were already well-established and well-known in this sector of the marine industry.

After extensive research, Malta Drydocks selected Palmer Johnson for the joint venture, he said.

Palmer Johnson had the experience, an award-winning record of success and the global brand presence MDD wanted for the superyacht and megayacht refit and service business, Mr Moore said.

Before the launch, Palmer Johnson will coordinate workforce training for a team of 80 to 100 MDD employees at the Palmer Johnson Savannah Refit and Repair facilities in the US, the company said.

In addition to workforce training, Palmer Johnson will be deploying a management team from the US at the Malta facility.

Mr Robinson said he expected the workforce training and construction of the 140-metre drydock cover to be completed early next year.

Palmer Johnson is one of the world's leading builders of custom yachts in aluminum and other materials and also one of the world's leading providers of yacht refit/repair and support services.

Furthermore, Palmer Johnson, Inc. builds a wide range of custom and semi-custom luxury motoryachts, sport fishing and sailing yachts.

Palmer Johnson Group Services Corp. operates brokerage yacht sales offices in several countries, including France, Canada, the UK and Singapore.

"This agreement is confirmation that the government doesn't intend to close down the 'yards," the ministry spokesman said.