Wight Shipyard to merge with OCEA

February 8, 2022, by Naida Hakirevic Prevljak

Britain’s aluminium shipbuilder, The Wight Shipyard Co., has unveiled an all-share merger with the complementary French shipbuilder OCEA to capitalise on the fast ferry and offshore renewable energy markets opportunities.

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.

“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,” Peter Morton, CEO of The Wight Shipyard Co. commented.

“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.”

The Wight Shipyard Co. has been focused on the fast-ferry market, selling its environmentally friendly vessels both domestically and internationally.

Similarly, OCEA is an innovator in the aluminium vessel market with builds for the maritime security, passenger vessels, multipurpose workboats, transoceanic yachts and hydrographic research markets.

Both companies also have complementary expertise supporting the offshore renewable energy sector.

Combining the two together will produce “a truly global” aluminium shipbuilding operation with an order book that offers the business security and sustainability well into the future, the two partners 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,” Roland Joassard, CEO and founder of OCEA, explained.

“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.”

Following the merger with the Wight Shipyard Co., OCEA 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.

“For East Cowes and the Isle of Wight, this is a step change in terms of future employment and security for the … team at The Wight Shipyard Co…It’s a deal that secures livelihoods and is transformational for East Cowes as the epicentre of aluminium shipbuilding in the UK,” Morton further said.

The merger comes on the back of the news that The Wight Shipyard Co. has secured the contract for two 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 latest battery-power technology and re-charging options.