WILLEMSTAD – More than €100 million could be invested in the further modernization and expansion of Curaçao’s shipyard under an ambitious investment program designed to position the facility for growing opportunities in the offshore oil and gas industries of Guyana and Suriname.
The investment program, known as CAPEX 2.0, would allow the shipyard to service more vessels and expand its activities. Financing for the project, however, has not yet been secured.
The scale of the proposed investment was disclosed during a visit by the Association of Dutch Caribbean Economists, also known as the Economenclub, to the Schottegat area. The economists met with CDM Holding director Augustin Diaz and Damen Shiprepair Curaçao director Surldric Rojer, among others.
CDM Holding, the government-owned company that owns the shipyard, has already invested significantly in recent years to address overdue maintenance and keep the facility operational. CAPEX 2.0 would represent a considerably larger next phase.
Plans for a second investment phase were already known. In July, during the dismantling of the shipyard’s Crane 7, CDM Holding disclosed that CAPEX 2.0 would include the acquisition of four new cranes. At the time, the company said it was still seeking financing but did not disclose that the total program would exceed €100 million.
One of the strongest arguments for the investment is the rapid development of offshore oil and gas activities off Guyana and Suriname. That expansion is creating demand for offshore support vessels used to supply and service drilling platforms and other installations at sea.
CDM Holding and Damen believe Curaçao could capture part of the maintenance and repair market for this expanding fleet.
According to the Economenclub, Damen sees favorable developments in the regional ship-repair market, while the company’s headquarters in the Netherlands also sees growth potential for its Curaçao operation.
Venezuela could provide another future market. If economic restrictions are further eased, the parties believe Venezuelan vessels could once again make greater use of Curaçao for maintenance and repairs.
The proposed investment would follow an earlier capital injection of more than 71 million guilders by CDM Holding and Damen in 2022 to modernize the struggling shipyard and keep it operational.
CAPEX 2.0 would go significantly further, replacing infrastructure while also creating capacity for expanded operations. The central challenge now is securing the financing needed to turn the more than €100 million plan into reality.