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"Transformational" Wight Shipyard Merger Brings Isle Of Wight Jobs Opportunities

Isle of Wight boatbuilder Wight Shipyard is merging with multinational company OCEA.

The East Cowes firm, based at Venture Quays, says the "transformational deal" will provide much-needed employment opportunities on the Island.

The deal is scheduled to complete by March 2022 and will see The Wight Shipyard Co. nearly double in size.

Speaking about the merger, Peter Morton, CEO of The Wight Shipyard Co. 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.”

Based at their primary yard in Les Sables d’Olonne, France, OCEA employs more than 500 skilled operators.

It also has further facilities including in the Caribbean and the Philippines.

Following the merger with the Wight Shipyard, 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.

Roland Joassard, CEO and founder of OCEA, said:

“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.”

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.”

Isle of Wight MP Bob Seely, said:

"I welcome the news that Wight Shipyard has pledged to grow the size of the business on the Isle of Wight. 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. This is all part of a better future for the Island.

"I hope this decision will not only safeguard existing jobs in East Cowes, but also create new ones. I wish Wight Shipyard well with their expansion plans."

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