Penzance Dry Dock awarded £2M as part of £4M rejuvenation project

Following a rigorous competitive process, Penzance Dry Dock has been awarded more than £2M as part of an almost £4M rejuvenation project. This funding will upgrade the facility to current industry standards, transforming it from a ship repair facility into one that will also build ships.

The site will undergo a complete refit while remaining operational. This grant is from the UK Government’s Shared Prosperity Fund, awarded by Cornwall Council’s Good Growth Team, which enables them to focus on the future. This includes investing heavily in new equipment, more training and recruitment, developing the Penzance Dry Dock Skills Academy, acquiring specialized skills, and future-proofing this vital heritage asset.

This transformation comes at a crucial time. It supports the national shipbuilding strategy, aids in building and maintaining floating offshore wind farm fleets, and helps recreate the industrial hub that Penzance once was.

“This funding package will safeguard all existing jobs as well as creating many new ones. We’ve been on site for almost three years. In our first year, we increased the economic growth of West Cornwall by more than £2M. This package will ensure further growth and ensures that Penzance continues its upward prosperity trajectory, ” said Jamie Murphy, CEO, Penzance Dry Dock

This significant investment in equipment and infrastructure will make us one of the few facilities in the UK capable of both building and repairing ships. The refit will include overhauled gates, a new pumping system, an improved tidal berth with a jib crane, two assembly bays with two gantry cranes per bay, a Goliath crane over the dock, a new carpenter’s workshop, a site-wide air ring main, enclosing the workshops, new staff toilets, an apprenticeship suite, staff training rooms, and replacements for office heating, toilets, and roofs, among other improvements.

This investment will create more jobs, more apprentices, open up this facility to new markets, increase our efficiency and reduce our carbon footprint.

Penzance Dry Dock would like to thank everyone from the National Shipbuilding Office, the Department of International Trade, the Department for Transport, the Good Growth Team, and all members of Cornwall Council who have supported this project from day one.

The UK Shared Prosperity Fund is a central pillar of the UK Government’s Levelling Up agenda and provides £2.6 billion of funding for local investment by March 2025. The Fund aims to improve pride in place and increase life chances across the UK by investing in communities and place, supporting local business, and people and skills.