Ablecare Oilfield Services Holdings has concluded talks with the government to develop the former Malta Shipbuilding yard into a maritime hub featuring an oil rig servicing centre and a training institute.
There will be an initial investment of €55 million.
Prime Minister Joseph Muscat said the project will create 150 new jobs in the next 18 months.
"My great hope is that the project will rekindle the trades and skills now lacking in our economy," he said.
Steven Colville, CEO of the new Mediterranean Maritime Hub said this was a huge opportunity for Malta to become the premier support base for the oil and gas industry in the Mediterranean and beyond.
"What will really set it apart will be how it will operate. It will operate as a white label facility, where client companies can use it according to their own specific needs. The hub will have full service capabilities provided on an integrated and flexible basis,"he said.
Ablecare Oilfield Services Holdings was named as the preferred bidder in January last year.
The group specialises in the oil and gas industry and has been active in the industry for 15 years.
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