bankruptcy

  • OYSTER YACHTS ON THE ROPES: Esteemed British Builder Runs Out of Cash

    Oyster yacht

    I’ve been in this business long enough to know there’s no such thing as a boatbuilder immune to financial difficulty, but this does come as a surprise. As recently as last month Oyster proudly announced they have in hand £80 million in orders. They just showed off the new Oyster 745 (see photo up top) at Boot Dusseldorf, where it was the largest boat on display. One of these big boys was also parked just across the pontoon from my boat at the Annapolis show last fall and got a Boat of the Year nod from Cruising World for Best Luxury Cruiser. Oyster was also launching itself well and truly into the superyacht market and had two 118-foot boats in build. But as of yesterday all that ground to a halt as news slipped out that Oyster in fact has no cash on hand, can’t afford to pay anyone anything, and so has ceased operations as of today.

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