Marine

Rolls-Royce will consider selling its lossmaking commercial marine business as chief Warren East launches a new round of cost-cutting in a bid to accelerate his of cost-cutting in a bid to accelerate his shake-up of the blue-chip engineering business.  Mr East is said to be looking at the strategic options for the marine business as part of a wider restructuring plan that includes consolidating Rolls-Royce’s five business units down to three. Mr East said there was a need to “reinforce behavioural ...

Category: Marine

The UK’s boat and yacht industry has seen revenues surge to their highest level since the financial crisis after the weaker pound helped drive up sales.   Sales rose by 3.4% to £3.1bn in the year to April 2017, according to a report by lobby group British Marine. It said that the depreciation of the pound since the EU referendum had boosted the sector by making products cheaper for international buyers.  Overseas sales for UK marine manufacturers rose by 4.7% last year. It’s ...

Category: Marine

BAE Systems has been awarded a £457,000 grant from The Solent Local Enterprise Partnership to design and deliver the UK’s first dedicated autonomous systems testing service. Based around Portsmouth, Southampton and the South East of the Isle of Wight, BAE Systems will be working with partners including ASV Global, Blue Bear Systems Research, Marine Electronic Systems and the University of Southampton. The Solent LEP and the partner organisations are investing £1.5 million in the project, which is the first of its kind in ...

Category: Marine

Two Russian investors have bought the motor yacht builder Fairline out of administration for £4.5m in a deal that will keep production in the UK. Officially, Fairline was sold to Fairline Acquisitions, but people familiar with the sale said the company is controlled by Alexander Volov and Igor Glyanenko, based in the UK. They plan to continue operating Fairline from Oundle in the East Midlands, saving 100 jobs from the 450 that were spread across three sites before its administration. “The sale to ...

Category: Marine