MSC Cruises has acquired 50% of Palumbo Malta Shipyards with Palumbo retaining the other half share.
The Italian Palumbo Group bought Malta Drydocks 10 years ago.
MSC said that the joint venture’s aim is to make Malta a repair centre for cruise ships, merchant ships, ferries and offshore units.
The company also explained that the shipyard will become the first stop for its Mediterranean cruise ship fleet and that its containerships and ferries operating in the region will also use the facilities.
This agreement will lead to a major refurbishment of the shipyard with the aim of specialising in the cruise ship segment, including the handling of the LNG-powered cruise ships currently under construction.
Malta shipyards has four drydocks of between 98 and 360 m in length, plus outfitting quays.
MSC Cruises Executive Chairman, Pierfrancesco Vago said that the joint venture was the outcome of a collaboration with Palumbo that has been consolidated down the years.
Palumbo said in a statement that this agreement is not just a financial transaction, but is aimed at boosting the network and is part of a group business strategy