The Grand Bahama Shipyard is preparing to pump $600 million into its expansion as it prepares to regain its position as the largest cruise ship repair operation in the world, the company said.
The shipyard is partly owned by Royal Caribbean Group and Carnival Corporation.
According to a statement, the investment is expected to "bring billions of dollars in economic impact to Grand Bahama's economy over the next 25 years".
The statement said the transformation includes the construction and delivery of two new world-class floating docks that will increase the range of cruise vessels the facility is able to accommodate and allow the operation to service much of the world's commercial shipping vessels.
Prime Minister Philip Davis called the expansion "a new and promising chapter in the story of Grand Bahama".
Deputy Prime Minister and Minister of Tourism, Investments and Aviation Chester Cooper said that the project is the "impetus" Grand Bahama needs to revitalize its economy.
"The timing of the Grand Bahama Shipyard expansion project coincides beautifully with our efforts to revitalize Grand Bahama's tourism industry," Cooper said.
He added: "It is a strong show of confidence that Grand Bahama Shipyard is establishing the world's largest ship repair facility in the Bahamas."
The statement explained that the shipyard is the largest private non-tourism employer in The Bahamas, and opportunities for Bahamians are expected to expand as the shipyard expands.
"The $600 million transformation of Grand Bahama Shipyard marks a monumental investment for Grand Bahama," Minister for Grand Bahama Ginger Moxey said.
"The shipyard has always been an important contributor to Grand Bahama's economy, and this ambitious project will continue the revitalization of our local economy. As the shipyard undergoes this remarkable evolution, it will serve as a beacon of progress, bringing jobs, entrepreneurial spin-off opportunities and a renewed sense of pride to the people of Grand Bahama."
CEO and Chief Climate Officer of Carnival Corporation & plc Josh Weinstein said that his corporation and The Bahamas have had a shared vision for the success of the shipyard.
President and CEO of Royal Caribbean Group Jason Liberty said that they are "proud" to grow their partnership with The Bahamas through this expanded venture.
The statement explained that the new floating dry docks are currently under construction at CSSC Qingdao Beihai Shipbuilding Co. Ltd. in Qingdao, China, and are expected to be delivered to Grand Bahama in 2025 and 2026.
"Once completed, they will be among the largest floating docks in the Western Hemisphere - including a mega dock that will have the largest lifting capacity in the world - capable of servicing all existing and currently planned cruise ships worldwide, as well as a broad range of other vessels," the statement said.
"In addition to new floating dry docks, the project includes supporting marine works and infrastructure construction in Grand Bahama, which is set to begin in the last quarter of 2023 and complete in 2025.
"Additionally, the shipyard is expanding its apprenticeship program with a goal to have 16-20 new apprentices per year. Designed to develop needed technical skills for the shipyard, the program will also expand access to well-paying, long-term career opportunities at the shipyard and other industrial employers."
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