In the 4th quarter of 2012 Yachting Developments, a New Zealand based superyacht builder, secured contracts to build two large state of the art sailing yachts for export.
The first was a 120ft (36m) Superyacht to be built by Yachting Developments in New Zealand for an international business consortium. With construction due to start, the clients funding fell through and this project has been subsequently cancelled.
The second vessel, a 115ft (34m) performance sailing yacht to be built in New Zealand for an international yachtsman has also been put on hold due to circumstances outside of Yachting Developments control. Today Yachting Developments has had to inform its staff this contract has not been able to be concluded.
Yachting Developments is financially stable and will continue to complete work on its present projects, however given the unexpected reduction in immediate work flow the company will be forced to consolidate its operation, possibly reducing staff levels until new work is found.