NASSAU, BAHAMAS — The Government of The Bahamas has formalized a Heads of Agreement with Grand Bahama Shipyard, Ltd., initiating a $600 million expansion project to transform Grand Bahama into a global center for cruise and commercial shipping vessel repair.
The ambitious project is expected to contribute significantly to the island’s economy over the next 25 years, with the hopes of establishing it as the largest cruise ship repair facility in the world.
Prime Minister Philip Davis highlighted the agreement as a strategic move for the island and the nation. “The $600 million investment in Grand Bahama Shipyard not only secures our place as a global leader in maritime repair but also lays the foundation for sustained economic growth and job creation for Bahamians,” Davis said.
Deputy Prime Minister and Minister of Tourism, Investments & Aviation I. Chester Cooper emphasized the administration’s focus on economic recovery for Grand Bahama. “This development signals a change in Grand Bahama’s growth prospects,” Cooper stated, indicating that additional initiatives are anticipated to further enhance the island’s economy.
The expansion of the Grand Bahama Shipyard is expected to create numerous full-time jobs, reinforcing its position as the largest private non-tourism employer in The Bahamas. According to Dave Skentelbery, CEO of Grand Bahama Shipyard, infrastructure upgrades are ongoing to accommodate two new world-class floating docks that are scheduled to arrive in 2025 and 2026. These docks will enable the shipyard to service a wide range of cruise ships and commercial vessels.
Additionally, the shipyard’s apprenticeship program is being expanded to meet the growing need for skilled labor. Developed in partnership with the Bahamas Vocational and Technical Institute and the Engineering College in Birkenhead, Liverpool, the four-year program is designed to ensure that apprentices meet international standards.
The first group of apprentices began their training in 2023, with recruitment continuing for additional trainees. The program aims to equip participants with skills for long-term careers in the marine industry and related sectors.
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