Why Google’s ex-CEO wants to buy a shipyard smaller than his superyacht

Google ex-CEO Eric Schmidt is reportedly looking to buy a Spanish shipyard whose annual revenue is believed to be lower than the annual cost of operating his luxury superyacht, Whisper. According to Spanish media reports, Eric Schmidt is looking to acquire Metalships & Docks, a shipyard in Vigo, Spain, through his company Oyster Ocean LLC. While the business generated just over $10 million in revenue in 2025, the reported move is seen as a strategic investment to support Schmidt's ocean research ambitions rather than a financial acquisition. Google ex-CEO Eric Schmidt's shipyard purchase plan linked to ocean researchAs mentioned above, the acquisition would be made through Oyster Ocean LLC, a Delaware-registered company incorporated in January 2026. The plan is to turn Metalships into a specialist shipyard for oceanographic research vessels and explorer yachts.The move aligns with the work of the Schmidt Ocean Institute, the nonprofit organisation founded by Eric Schmidt and his wife, Wendy Schmidt, in 2009. The institute supports scientists by providing research ships, laboratories, computing facilities and technical support at no cost.Its research vessel, Falkor (too), was originally built at a neighbouring shipyard in Vigo before being converted into an ocean research vessel. Unlike luxury yacht builders, Metalships is an industrial shipyard with infrastructure that could support research vessel construction and maintenance.The company reportedly operates across five port concessions and has around 33,000 square metres of waterfront space. Its main asset is a 162-metre floating dock, along with around 700 metres of berthing space and the ability to handle ships weighing up to 25,000 deadweight tonnes. According to reports, Grupo Rodman, which owns Metalships, has received approval from the Port Authority of Vigo to transfer the shipyard's port concessions, clearing an important step for the proposed ownership change.Metalships shipyard revenue trails superyacht maintenance costsThe difference in size between Eric Schmidt's wealth and the shipyard's business is significant. Metalships generated just over $10 million in revenue during 2025, while Eric Schmidt's net worth is currently $56.4 billion as per Bloomberg Billionaires index.Reports also noted that Schmidt's $159 million superyacht Whisper is estimated to cost $15 million to $20 million each year to operate, more than the shipyard's annual revenue. Despite its relatively small business, Metalships offers valuable maritime infrastructure, an experienced workforce and engineering expertise, making it a potentially strategic asset for Schmidt's long-term ocean research projects.Get the latest technology news and updates. Download the TOI App.