Finnish shipyard Meyer Turku is set to increase investment in its infrastructure capabilities from the previously announced sum of €75m to €185m.
New profile-cutting and panel lines will be added to the shipyards' steel halls as part of the latest investment, which will require a level of expenditure that is more than double the amount specified in an earlier announcement.
The new infrastructure is slated to be ready for use by the end of next year or early 2019.
The additional facilities are expected to improve the shipyard's steel production capability in order to fulfil Meyer Turku’s backlog of outstanding orders, which currently reaches to 2024.
Additionally, the investments will enable the company to feature laser-hybrid, digitally controlled welding technology at its production yard.
Meyer Turku steel production head Mika Heiskanen said: “We are rebuilding Turku shipyard into a modern ship assembly factory.
“After these investments we will have one of the world’s most modern steel productions that will enable the ramp-up of our production.”
The investments form part of Meyer Turku's long-term plan to increase the shipyard’s production to three times more than the value produced by the yard in 2014.
Finland-based Pemamek will provide the new plate-cutting and profile-cutting lines from its site in Loimaa.
Meyer Turku CEO Jan Meyer said: “For the shipyard, this will be a giant leap forward to prepare for the increasing international competition.
“We really need these investments, along with the full and stable work effort of our shipbuilding teams, to fulfil the promises we have made to our customers.”
Meyer Turku initially announced a plan to increase the company's investment in its production capability to €75m in August last year.
The investment included the development of a new steel storage and pre-treatment facility.