The latest superyacht shipyard to suspend some of its activities may come as a surprise: Devonport, which delivered Sarafsa earlier this year, has two other contracts under construction, and has been shopping around three spec proposals, including the project seen above known as One Ten.
But the scaled-back operations are apparently not due to a financial crisis. Babcock Marine, which is the parent company of Devonport, is seeing an increase in its military workload and therefore needs workspace and craftsmen freed up to cut steel for two naval ships. Babcock issued the following statement last week:
“Babcock Marine has completed a review of its planned naval workload over the next 3-4 years, taking into account its overall capacity and physical facilities. This review, including design and assembly activities on the UK’s future carrier project in addition to its naval support work, has led to its yacht division Devonport no longer bidding for future yacht contracts beyond those that are currently being carried out. Babcock Marine is fully committed to the completion of those projects in accordance with its existing contractual commitments.”
According to the BBC, the naval projects referred to in the statement are the HMS Queen Elizabeth, which is expected to be delivered in 2014, and the HMS Prince of Wales, expected to be completed by 2016.
Even though Babcock didn’t say it’s shuttering Devonport’s yacht operations all together, it’s not hard to conclude that the future doesn’t look so bright. The upper end of the megayacht market, which Devonport was dealing in, has been growing and continues to grow steadily, but out of sight is out of mind, as the saying goes. In addition, some published reports have quoted city officials near Devonport as saying Babcock’s decision will result in the loss of millions of dollars to the local economy.
Unfortunately, only time will tell.
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