French shipbuilder OCEA will merge with East Cowes-based The Wight Shipyard Company (WSC) in fulfilment of the parties' aim of creating a combined group that will serve the fast ferry and offshore renewables markets.
The all-share merger will create a larger shipbuilding business that will make a broad range of aluminium vessels available to global customers, which include OCEA's customers in over 80 countries.
OCEA CEO and founder Roland Joassard said the merger is part of the French company's expansion in response to strong demand from international markets. Peter Morton, CEO of WSC, meanwhile remarked that the deal confirms the resurgence of the UK's own shipbuilding industry.
The merger is scheduled to be completed by March 2022.