Palumbo Group Acquires New Shipyard in Malta
Speaking to the Palumbo Group at the Abu Dhabi Yacht Show 2011, news has emerged that the Group has finalised the acquisition of the Malta Superyacht Services facility.
The Palumbo Group, specialists in repair, conversion, refit and superyacht construction, has now completed deals to take over the Malta Superyacht Services shipyard – just in time for the spring refitting season.
Maltese Government signed the contract for a global amount of 29.4 million, including an annual ground rent of 500,000 to be paid for 30 years.
The total area of the grant is around 45,000 square metres, comprising of two dry docks of 160m x 25m and 140m x 18m. The latter is also equipped with a retractable shed which allows to shipyard to perform paint works.
Palumbo, who is also a superyacht builder branded Columbus Yacht, is enthusiastic of the new acquisition; aiming to create a new level of excellence in the Mediterranean.
The vision of the Group is to use the facility in Malta to further develop the current capabilities into a leading, maintenance and refitting centre serving the superyacht fleet in the Mediterranean.