5 3 Budget
The refit budget is one of the major aspects of the project and likely to be the one area where everyone differs on what the final figure should be. An owner will of course want as low a figure as possible; the shipyard will be pushing the bottom-line upward while the captain and project manager will be somewhere in the middle trying to achieve the best outcome while ensuring all goals are achieved to a high standard.
However, only once the project’s parameters are decided can the budget really be accessed because without a clear vision it’s impossible to know what the scope of the project will be. Begin by drawing up a clear and concise brief of the superyacht refit project, including all the yachts’ specs and data to allow an accurate evaluation of the project by technicians, designers, and engineers.
Preparation and planning are key components to staying within budget as last minute changes or surprises can quickly cause your budget to spiral into overspending. Having a realistic knowledge of lead times allows for parts to be sourced and delivered at the best possible price and eliminates dead time at the yard.
4
Expect the unexpected
That said, you should always allow for some delays in your plan as there are always unforeseen issues that can arise from any refit. Having penalties in place to minimize delays is of course acceptable practice but understanding what you’re asking of the yard and being realistic will provide you with a more definitive timeline than just coming up with an arbitrary date.
Be open-minded about the advice and recommendation from the shipyard on a particular product or service over another, as sometimes the least expensive may not be the best option and shipyards have experience from previous projects, which helps. Remember refits are their business, it’s what they do best and their history and knowledge working with products will hold more proven insight. It’s vital that the captain, owner and shipyard work together to prioritise the work list and devise a plan that anticipates potential unseen issues that may arise during the superyacht refit project. To save time and avoid delays it’s a good idea to discuss and agree a backup plan that includes acceptable optional changes to save time and allow a more fluid refit.
6 Location
When selecting a shipyard ensure that the location you choose for your refit is a logical one for your country and superyacht cruising ground needs. Different yards are better equipped to deal with different types of projects and vessel sizes, so reach out to your peers and the superyacht community to ask for recommendations to ensure that you find the best possible yard to take on your specific project. Getting to know the shipyard in advance of the refit will also improve a refit experience immeasurably, so pre-visits are ideal and can ensure the technical team can hit the ground running once the vessel arrives at the yard, saving time and ensuring a smooth refit process from the outset.
Research
Putting time and effort into your shipyard research will pay dividends in the end. Refits are an expensive business and there is a vast array of yards offering services in the superyacht arena. Take the time to get to know who you’re working with, experience and technical knowledge are fundamental for the preparation of a refit so do your research and ask for recommendations from other captains and owners. Be careful when choosing a yard just because it offers the cheapest quote, as this does not mean that you are getting the best value for money. Though it’s vital to be meticulous about your budget you need to understand why a quote is so cheap and compare the quote with other yards to avoid any nasty surprises.
The Report • June 2022 • Issue 100 | 53
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