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Depa-owned fit-out firm Vedder wins $31.6m superyacht contract

Germany-based Vedder has fitted out nearly half of the world's largest superyahchts, said Depa Group acting CEO Kevin Lewis

Germany-based Vedder, part of Dubai-headquartered Depa Group, has won a multi-million dollar contract to fit out a superyacht [representative image].
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Germany-based Vedder, part of Dubai-headquartered Depa Group, has won a multi-million dollar contract to fit out a superyacht [representative image].

Germany-based interiors fit-out firm Vedder, part of Nasdaq Dubai-listed interior construction and manufacturing firm Depa Group, has won a $31.6m (EUR28m) superyacht fit-out contract.

“The strength of Vedder’s reputation has seen it fit-out close to half of the hundred largest superyachts worldwide,” said Kevin Lewis, Depa Group’s acting group chief executive officer, speaking on the win in a statement on the Dubai-based bourse.

“This important award continues to build on Vedder’s record levels of backlog,” he added.

The owner of the superyacht was not disclosed in the bourse statement.

According to Depa Group's first quarter financial results for 2019, Vedder – which specialises in the provision of interior solutions to the superyacht, private jet and high-net-worth residence fit-out market – turned a profit for the first three months of this year.

Parent Depa Group, however, generated a net loss due to the financial performance of Design Studio Group (DSG). The firm’s Asian subsidiary reported $11.1m in revenues for the opening quarter of this year, a 62% decline on the same period in 2018.

Vedder’s latest superyacht contract win comes just weeks after Hamish Tyrwhitt stepped down as Depa Group’s chief executive officer, effective 1 May.

In the group’s latest trading report released last month, Lewis said a “group-wide operational review is under way and where required, swift action will be taken”.

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Construction Week - Issue 754
Nov 23, 2019