A dry dock and new paint facility will be constructed at the shipyard

Pendennis Shipyard in Falmouth has received a �2.9m grant from the Department of Trade and Industry.

The investment will provide 83 jobs and help guarantee the company's future in the county.

The money will be used to build a dry dock and new paint facility, together with a new construction hall and joinery workshop, office space and training facilities.

The company says it hopes the government funding will secure the shipyard's position as a market leader for refitting and refurbishing large yachts.

The investment is also good news for the local economy.

Pendennis already spends �1.8m with local suppliers, and this is expected to rise to �3m once the development is complete.