Penzance Dry Dock has entered into a joint venture (JV) agreement with an international yacht repair firm.

The dry dock is part of the Isles of Scilly Steamship Group and one of the biggest employers in the area. It looks after and maintains ships on behalf of the Steamship Group, and provides engineering services for both marine and land-based projects throughout the UK.

It has signed an agreement with Florida-based Yachtprojects International Llc, which undertakes refit and repair project management and offers servicing work globally.

Pippa Nicholas, owner and technical director of Yachtprojects International, said: “We see this joint venture as an opportunity to give the yachting community in Europe something that has been missing in the past – a cost-effective place to undertake annual five and ten-year survey work.

“Our niche client owns a slightly older classic, motor or sail yacht. These vessels are where the Penzance Dry Dock skills in steel repair, propellers, shafts, rudders, stabilisers, underwater valve service and replacement are required, where we can fix price work simply because the haul out cost does not have to cover overheads not associated directly with the task at hand.”

Yachtprojects International has completed work totaling more than $250 million in remote commercial shipyards globally, including, Australia, Singapore and South Africa.

Kevin Ayres, marine superintendent at Penzance Dry Dock for Isles of Scilly Steamship Group, added: “Working with Yachtprojects International is a natural progression for us at Penzance Dry Dock. The company has worked within commercial ship circles as well as the modern day yacht sector, and has a full understanding of what both a captain and the crew require from their yard time.

“We are looking forward to welcoming new customers to the dry dock and continuing to develop our relationship with Yachtprojects International.”