Genting Hong Kong Ltd will invest 100 million euros in its German shipyard, MV Werften to focus on building new large ships.
The three shipyards in the German State of Mecklenburg-Vorpommern bought this April would be named MV Werften, be managed in Wismar.
The company will focus on eventually building three large cruise ships a year. Lloyd Werft, located in Bremerhaven and bought last September, will focus on its prior business of repairs, conversion and building of megayachts.
MV Werften has covered docks, fabrication halls and painting shops, but will be upgraded in the near future.
The yard will deliver four luxury Crystal River ships in 2017, the first of a series of 20,000gt Crystal Endeavor Class polar expedition yachts in 2018, and the first of a series of 201,000gt Star Cruises Global Class cruise ships by 2020.
Genting Group chairman and chief executive KT Lim said: "To make MV Werften into one of the world's most modern and efficient cruise shipyards, we will invest 100 million euros in a thin plate laser welding line, a cabin module factory, a new covered section block building hall, the modernisation of manufacturing control systems and new executive and employee offices and facilities."
“We are also pleased to announce Mr. Jarmo Laakso as the Managing Director of MV Werften. Mr. Laakso has more than 35 years’ experience in building passenger ships, including the latest generation of mega cruise ship, including the Quantum of the Seas,” he added.