PGF funding “A shot in the arm”
Today’s announcement of a $5 million Provincial Growth Fund investment in Oceania Marine is “another shot in the arm” for Northland, according to Northland Inc Chief Executive Officer David Wilson.
“This project to install a 560 tonne travel lift will have a transformational effect on Northland’s marine sector by creating jobs and allowing the sector to take advantage of the growth opportunities it affords.”
“It sits within the Tai Tokerau Northland Economic Action Plan so it’s a perfect fit for our region. It’s great that the Minister for Regional Economic Development Shane Jones was on hand to announce this today as part of the Provincial Growth Fund programme.”
Mr Wilson says Northland Inc has worked with Oceania Marine and NZ Trade and Enterprise to bring the opportunity to fruition.
The new installation will complement a 100 tonne lift already in place and allow Oceania to better service the growing demand for refit and repair services, especially those associated with Superyachts.
“This project represents a significant milestone for Oceania and for Northland and it will generate significant revenue within 10 years,” Mr Wilson says.
Information from Market Economics, commissioned by Northland Inc shows:-
- The $1.3 civil works will generate around 11 jobs and $0.9 million of value added (GDP) in Northland.
- The Oceania Marine operation is likely to grow significantly in the coming decade with the net additional revenue generated by new vessels expected to range between $10.3 million (low) and $23 million (high) by 2028.
- The crew associated with the new vessels is expected to spend an additional $1.6 million (low) to $3.0 million (high) in the Whangarei economy and $0.6 million (Low) to $1.5 million (High) in the rest of New Zealand economy by 2028.
- In Whangarei economy, the ongoing spend contributes to an increase in value added of between $7.0 million (low) and $15.8 million (high) per annum by 2028 which will sustain the equivalent of 64 (Low) to 141 (High) new jobs per annum.
For further information, please contact:
Northland Inc CEO David Wilson