Ferretti continue their expansion plans by increasing their boat-building capacity.

The Ferretti Group’s plans for world domination continue apace with news that it has acquired the entire industrial complex of the bankrupt Oram yard, after reaching agreement with the official receiver, and with the approval of the La Spezia port authority.

Ferretti said it plans to rebuild the existing production unit, used for small merchant vessels, and add a new unit to enable the yard to handle 10 to 14 luxury superyachts in the 20- to 30-metre range every year.

The project will cost around 125 billion lira and will take four or five years to complete. It is hoped that this move will bring back the employment opportunities lost to the La Spezia region when the Oram shipyard went bankrupt and that a work force of around 150 people will be required.