East Cowes based boatbuilder The Wight Shipyard Co. is merging with multinational OCEA.

The Venture Quays business says it will secure its long term future on the Isle of Wight, capitalising on the fast ferry and offshore renewable energy markets.

The deal will be complete by March 2022 and The Wight Shipyard Co. is expected to double in size as a result.

Peter Morton, CEO of The Wight Shipyard Co. said: "This is a transformational deal...confirming the resurgence of the shipbuilding industry in the United Kingdom.

"We have been working with OCEA on a number of projects and it was very clear from the outset that we complemented each other in terms of skills and experience and, going forward through the business cycle."

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Mr Morton said: "Both companies can benefit from the synergies and opportunities that this deal presents.

"We have enjoyed a first-class working relationship with OCEA to produce vessels and solutions to the highest standards, pushing the boundaries in terms of fuel efficiency, the environment and modern shipbuilding practices."

Roland Joassard, CEO and founder of OCEA , said: "OCEA is expanding internationally to respond to strong demand in these markets and appreciates the new ‘Global Britain’ and refreshed National Shipbuilding Strategy outlook.

"Wight Shipyard Co. shares the same DNA, passion and high quality of workmanship as OCEA and its expertise in the fast ferry market complements OCEA’s qualities in other markets.

"Having worked with the Wight Shipyard Co. and Peter’s team in a number of ways already, we feel that they are the perfect partner to develop global orders for the fast ferry and offshore renewable energy markets."

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OCEA is based in Les Sables d’Olonne, France and employs more than 500 people.

It also has facilities in the Caribbean and the Philippines.

Peter Morton said: "For East Cowes and the Isle of Wight, this is a step change in terms of future employment and security for the outstanding team at The Wight Shipyard Co.

"We will be able to bring in more high-skilled shipbuilders and technicians as well as providing career pathways all through the production chain. It’s a deal that secures livelihoods and is transformational for East Cowes as the epicentre of aluminium shipbuilding in the UK."

Bob Seely MP said: "I welcome the news that Wight Shipyard has pledged to grow the size of the business on the Island. We all want Island shipbuilding to go from strength to strength.

"When the Isle of Wight Council and I negotiated to take the Columbine building into Council ownership a couple of years ago, to secure shipbuilding on the Island, this is exactly the future that we aimed for.

"I hope this decision will not only safeguard existing jobs in East Cowes, but also create new ones. 

"As I understand it, this merger will enable the shipyard to pitch not only for the construction of catamaran ferries, but for larger contracts as well. I wish them well with their expansion plans. 

"This is all part of a better future for the Island."