Media Release: Marine industry sees major opportunity in superyacht refits but needs more infrastructure The marine industry is hoping to cash in on the lucrative superyacht refit business, which it says could earn more than $200 million a year for New Zealand and create hundreds of new jobs. This would be additional to the money New Zealand already earns by building and fitting out superyachts, a field in which the industry enjoys an excellent reputation. But the money will pass New Zealand by, some of it to Australia, if urgently needed infrastructure cannot be funded and created. The industry has worked with Sea+City Projects Ltd to come up with plans for a major superyacht refit centre on the western edge of Wynyard Quarter with the capacity to work on half a dozen superyachts up to 80 metres long simultaneously. There are about 800 superyachts currently looking for refit opportunities, but, while New Zealand has all the skills, it is turning business away due to having insufficient deep sheltered water alongside haul out areas and other facilities. Marine Industry Association Executive Director Peter Busfield says other countries are developing new facilities, some with Government support, to capture a share of the lucrative international business, and New Zealand needs to decide urgently whether it wants to be a major player, capitalising on its world renowned marine skills. "No-one doubts that we can do superb work, but there are doubts about our capacity. Having firm plans to finance and build new infrastructure would send a very reassuring message to the wealthy owners of these luxury craft, who are sometimes scheduling refits several years ahead". Busfield says that while Sea+City has come up with great concepts at Wynyard Quarter, funding needs to be found for a high capacity Synchrolift to haul these huge vessels out of the water, and associated facilities for stepping masts and doing other refit work. "At the moment there is a disparity between land and water tenure, which will need to be sorted out if we are to attract private investment in the facilities that will be needed." Mr Busfield said the Wynyard Quarter superyacht centre would also be able to handle commissioning and the stepping of masts in new craft built at the developing superyacht construction cluster at Hobsonville, and at locations such as Tauranga and Whangarei. To date, the marine industry has handled up to 18 refits in a year, but could quadruple this as soon as suitable infrastructure is in place, as well as servicing large commercial craft. "A refit is worth up to $8 million, and we calculate that about a quarter of that is spent on hotels, bringing family members to New Zealand, internal travel and wining and dining. "It must give our economy a boost to have these influential people praising out country, our wines and tourist attractions," says Busfield. -ends- (Issued by Marine Industry Association New Zealand - For further information please contact Mr Peter Busfield on 360 0056 OR 021 676 744)

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