A new division, Babcock Marine, is being created that will cover the DML Group’s activities, including Devonport. According to a company statement, this development is not expected to generate any significant changes in the operating structure of the business.

The news comes at a busy time for Devonport, which recently moved into new offices at the group's Plymouth-based shipyard earlier this year. The company is also in the process of building a new 82m (269ft) yacht, and is working on a number of other large yacht enquiries from 70m-120m (230ft-394ft).