After speculation earlier this month in various media, there’s now confirmation that Platinum Yachts has scaled back operations because of the global economic crisis.
The Dubai-based yard gained instant fame in 2006 for completing the world’s largest yacht, the 531-foot Dubai, for the ruler of the same region. It went on to convert two commercial craft into megayachts for the local royalty as well, the 259-foot Dubai Shadow and 297-foot Dubawi. But according to an interview with Arabian Business, Geoff Taylor, group CEO for the parent company of Platinum Yachts, Drydocks World, there have been fewer inquiries for work. As a result, Platinum Yachts and sister company Palm Marine were merged with Jadaf Dubai, a government-owned yard. Staff layoffs also occurred.
The economic downturn greatly affected Dubai World, which Drydocks World (and therefore Platinum Yachts) were divisions of, so that led to widespread speculation that Dubai World’s debt caused the restructuring. However, Taylor denies this, quoted as saying, “It’s a worldwide problem. It’s not just a Dubai-based problem.” He also explains that the decision was made in December. Mike Meyer, a divisional manager of Platinum Yachts, was quoted as saying, “There’s been a bit of reshuffling that’s gone on, but it’s business as usual.”
My requests for comment were unanswered by this posting, but I will add information as it becomes available. I’ve requested an update on Triton, for example, which started as a proposal and went to contract, but the contract was cancelled several months ago. I’ve also requested confirmation of whether Platinum Yachts will still participate in next month’s Dubai International Boat Show (above).
UPDATE, JANUARY 27: Mike Meyer replied to my initial inquiry by stating he would obtain an official comment. He contacted me again this morning to say that he still has not received word, but will be in touch once he does.
danny
hii,
have u got any latest news about platinum yachts ?? what happened to the large no of crew woring onboard dubai??
Diane M. Byrne
Operations were never restarted, due to the economy.