Located in the Port of Marseille, ITM is said to be one of the biggest shipyards in the Mediterranean fully dedicated to superyachts.

The yard, which is now known as Palumbo Marseille Superyachts ITM, covers an area of around 12,000sq m and comprises four large dry docks ranging from 80m-126m, a watershed of around 95m and more than 300m of quays for afloat repairs.

Palumbo says it will retain eight former managers of the yard. The company will also invest in the facility by buying new equipment and lifting systems in order to improve and increase the range of services for clients.

Palumbo has been in the ship repair industry for over 45 years. The company, founded in 1967, offers construction, refit, repair and maintenance services for every type of vessel at its five shipyards – two in Italy, two in Malta and one in France.

In recent years, Palumbo has been expanding its core business through the creation of a platform in the heart of the Mediterranean, building a network in the ship repair industry, in the offshore sector and in the yachting sector.

Following the ITM Marseille acquisition, Palumbo now manages an extended platform comprising 14 dry-docks (six of them fully dedicated to superyachts) from 40m-360m in length, more than one kilometre of quays, and an operational area covering about 520,000sq m.