GRAND BAHAMA, The Bahamas — Prime Minister and Minister of Finance, the Hon. Philip Davis was in Grand Bahama on Thursday, August 29, 2024 for the signing of a Heads of Agreement with Grand Bahama Shipyard for a $665 million-dollar-transformation project set to position the shipyard as a premier cruise ship and vessel repair facility, worldwide.

rime Minister Davis revealed that the capital investment of $665 million is of critical importance to Grand Bahama and pointed out that once fully up and running, the Shipyard is expected to provide a total economic output of $350 million.

“This is an investment that will repair crucial infrastructure, catalyse the island’s economy, and reaffirm this very special island’s prominent role in the maritime industry,” he said during the contract signing ceremony at Grand Lucayan Resort.

“We are re-establishing Grand Bahama as a regional and trans-Atlantic shipping hub, ranked among the top shipping operations in the world.”

As part of the expansion, two new docks will be built capable of servicing Icon and Oasis class cruise ships and within five years, it is anticipated that some 1,200 employees will benefit from gainful employment at the Shipyard, the majority of whom will be full-time Bahamian workers, Prime Minister Davis added.

“My government remains attentive to the issues surrounding seasonal and casual labour, and so we are working carefully to ensure working conditions are just and fair as we welcome this new, auspicious chapter for Grand Bahama,” he noted.

Prime Minister Davis also pointed out that his government realized that its extraordinary ambitions for Grand Bahama required extraordinary partners and he expressed gratitude to the Royal Caribbean Group, Carnival Corporation, the team at Grand Bahama Shipyard and the Grand Bahama Port Authority for being world-class partners, seeing the true potential of Grand Bahama and playing a critical role in the island’s economic resurgence.

Deputy Prime Minister and Minister of Tourism, Investments and Aviation, the Hon. Chester Cooper pointed out that the Davis Administration has maintained a laser focus on restoring economic vitality to Grand Bahama.

He said that the epic signing comes with enormously impactful spin-offs for the residents of Grand Bahama and assured that it won’t be the last as the government continues its commitment.

Minister for Grand Bahama, the Hon. Ginger Moxey during her remarks noted that the Shipyard is the largest private non-tourism employer in Grand Bahama and has been a cornerstone of the island’s local economy, and that she was excited about the expansion of the company’s four-year apprenticeship program.

Grand Bahama Shipyard CEO Dave Skentelbery noted that the two world-class floating docks — the largest in the world — are on schedule to be completed by 2025 and 2026.