Finland's Meyer Turku shipyard is more than doubling investment in upgrading its facilities to EUR 185m ($222m).
It had already announced it would spend EUR 75m on its shipyard.
The extra money will go on new plate cutting, profile cutting and panel lines.
The cash will be spent by the start of 2019 to boost steel production in order to fulfil its "record-breaking" orderbook reaching to 2024.
The yard promises it will have the most modern steel production facilities in the world with laser-hybrid, digitally controlled welding technology.
Head of steel production at Meyer Turku, Mika Heiskanen, said: “We are rebuilding Turku shipyard into a modern ship assembly factory. After these investments we will have one of the world’s most modern steel productions that will enable the ramp-up of our production.
“For the shipyard this will be a giant leap forward to prepare for the increasing international competition."
"We really need these investments along with the full and stable work effort of our shipbuilding teams to fulfil the promises we have made to our customers”, CEO of Meyer Turku Jan Meyer added.
The investments are part of a long-term plan to boost production to three times the value the shipyard produced in 2014 when the Meyer family took over.
