The Grand Bahama Shipyard is set to receive a $665 million investment over the next few years, according to a report in The Tribune of Freeport.

The amount was disclosed in a Heads of Agreement (HOA) document, which was signed by the Government of the Bahamas on Aug. 29, 2024.

Aimed at transforming the Grand Bahama Shipyard into the “world’s largest yard for ship repairs and maintenance,” the project includes a significant investment in developing the facility’s infrastructure, the local newspaper report.

The plan is highlighted by the acquisition of two new floating drydocks, which will be capable of accommodating the world’s largest cruise ships and much of the world’s commercial shipping fleet.

According to The Tribune, the first new dock is set to arrive in Grand Bahama in January 2026 while the second is expected in the third quarter of that year.

The country’s Prime Minister Philip Davis highlighted the critical importance of the shipyard’s redevelopment for Grand Bahama, noting that the project could generate an economic input of $350 million.

“This investment will repair crucial infrastructure, catalyze the island’s economy and reaffirm this very special island’s prominent role in the maritime industry,” he said.

Davis also noted that the investment reestablishes Grand Bahama as a regional and trans-Atlantic shipping hub.

Dave Skentelbery, CEO of the Grand Bahama Shipyard, said the signing of the HOA marks a step forward for the company, which is partly owned by Carnival Corporation, the Royal Caribbean Group and the Grand Bahama Port Authority.

“We are on schedule to complete the infrastructural work for the arrival of the docks,” he said, noting that the construction of the new floating drydocks is also on schedule.

In related developments, the Grand Bahama Shipyard recently completed work to increase the water depth of its current drydock from 20 to 25 feet. The facility is also investing in a pier expansion, which is said to be “well underway.”