Oyster’s MAYDAY answered

Can one sunk ship bring a whole shipyard to the ground? In this league it could.

Established in 1973, Oyster Marine became a synonym for premium cruisers capable of regattas and circumnavigating the globe. They’ve received Queen’s Award for Enterprise twice. They produced a quite wide range of boats from 26ft to 125ft superyachts. Some of their larges boats were produced in Turkey, but currently Oyster marine has around 400 employees in Britan. Their current models were designed by Humphreys Yacht Design. Look at the happy owner Eddie Jordan, who posses Oyster 885, in talks with Rob Humphrey, the main designer.

Financial problems

The whole yachting world was shocked in 2015 when Oyster 825 named Polina Star III had been sunk due to keel loss at the sea. The crew was saved, but in this class of ships, it brought question marks about causes of this failure. It is a long story, very unhappy. Former owner made a website about the whole incident and following events. The site seems to be correct for both sides of the conflict, read it if you wanna know more about this incident. It is shaming attitude of producer as “Ostrich yachts” ironically. The sunken boat owner made it after Oyster Marine went officially into liquidation problems in February 2018. There is still unsettled claim for 7.3m GBP for loss of that ship. However, there is still order book totaling 80m GPB and many waiting customers. As Oyster marine has reached limits of its liquidity, they were unable to produce new ships. After administration, the company was sold to highest bidder. From six prospectors, British tech entrepreneur Richard Hadida won with a disclosed amount. Oyster Marine is up and running since April 2018, after two scary months. 

Why Richard Hadida can save it

Richard Hadida came from computer gaming industry, where he developed company named Evolution Gaming Group AB. Good news is, that he is an impassioned sailor and his first plan is to keep the company together and give them money for producing boats. He is very down to earth with attitude, he is aware that he came from another business environment. Hadida claims that he is able to help the company with liquidity and maybe with marketing and clients after service processes, but he is no maritime businessman yet. He admits that the reasons for his bid were also personal, as he loves sailing. Of course, he wants to keep it, it is not just investing for passing by.
Richard Hadida sailed Eddie Jordan’s very own 825 with him and chartered Oyster yachts on his own several times. Now he plans to save the shipyard. It looks like a good mixture – he wanna stick company together, enable them to produce ships and modernize building technologies for delivering ships more effectively in time.  

What are current plans?

The new owner claimed that he is working with Humphreys studio on some super-quality 40-42 ft. boats because there is huge market nowadays. For Yachting World he stated that there is no point in having anything between 885 a 118’, so Oyster will be keeping tight in super-yacht production. Shipyard predictably plan to focus on safety and security features to catch up with lost reputation due to one (just one) incident. 
We are glad that it seems the Oyster Marine is saved. In last decades there were several British companies with liquidity issues, it looks that Oyster found the good savior. 

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