Superyacht Refit Cost: Real Numbers for 24 to 60 Metre Yachts

A superyacht refit on a 24 to 60 metre yacht typically costs between £150,000 for a routine maintenance period and £10 million or more for a full structural rebuild. A standard winter refit on a 30 to 50 metre yacht runs from £500,000 to £1.5 million. A mid-life refit with paint and machinery work commonly falls between £1 million and £3 million. Per-metre cost rules of thumb are rarely reliable; the work scope and yacht condition dominate.

This guide provides realistic cost ranges across the 24 to 60 metre size range, explains what drives costs up, and offers practical advice for owners approaching their first or their fifth refit. The numbers below are drawn from real projects, cross-checked against published yard pricing 2022 to 2025 from MB92, STP Palma, Pendennis, Lürssen Wadden, Rybovich and Monaco Marine.

The single greatest determinant of refit cost is not the yard rate or the scope of work. It is the quality of the specification and the competence of the project management. Poor specification and weak management routinely add 30 to 50 percent to the final cost.

Why Refit Costs Are Hard to Pin Down

Before we get into specific numbers, it is worth understanding why superyacht refit costs are inherently difficult to estimate with precision. Unlike a new build, where you are constructing something from a known starting point (a set of drawings and specifications), a refit begins with an existing vessel whose actual condition is only partially known until work commences. You can survey a yacht thoroughly, but you cannot see inside every pipe, behind every panel, or beneath every layer of paint until the vessel is in the yard and being dismantled.

This uncertainty is the primary reason refit budgets overrun. It is not that yards are dishonest or that project managers are incompetent (though both of those things happen). It is that the scope of work genuinely changes when you open up a vessel and discover issues that were invisible during the specification phase. A hull survey may show the structure is sound, but removing the interior might reveal corroded stringers, degraded insulation, or outdated wiring that must be addressed before any cosmetic work can proceed.

The other major driver of cost uncertainty is scope creep. Owners visit the yacht during the refit, see the stripped-out interior, and decide they want to change the layout while "everything is already apart." Or a system that was not originally in scope turns out to be in worse condition than expected and needs replacing. Each of these additions, individually reasonable, collectively transforms a well-defined project into an open-ended one.

Cost Categories: Where the Money Goes

A typical superyacht refit budget breaks down into several major cost categories. Understanding these helps you evaluate yard quotations and manage the project budget effectively.

Yard Fees

Most yards charge a combination of daily or weekly berthing fees, lift and launch fees, and labour rates. Yard fees typically represent 15 to 25 percent of the total refit cost. Daily rates vary enormously by location and yard quality. A well-equipped Mediterranean yard might charge EUR 400-800 per day for a 40-metre berth, while a premium northern European facility could be EUR 600-1,200 per day. These fees cover the berth, basic services (electricity, water, waste disposal), and access to yard infrastructure such as cranes and workshops.

Lift and launch fees are charged separately and vary by vessel size and the type of lifting equipment required. For a 40-metre yacht, expect EUR 8,000-20,000 per lift depending on tonnage and the facility.

Labour

Labour is typically the largest single cost in a refit, representing 30 to 40 percent of the total budget. Yard labour rates in the Mediterranean range from EUR 45-75 per hour for skilled tradespeople (joiners, electricians, pipe fitters) to EUR 80-120 per hour for specialist technicians. Northern European yards tend to be 20 to 40 percent more expensive for labour, though productivity is often higher.

A significant proportion of labour on most refits is provided by subcontractors rather than the yard's own workforce. Specialist tasks such as electronics installation, paint application, hydraulic systems, and interior upholstery are almost always subcontracted. The yard's markup on subcontractor labour is typically 10 to 20 percent, which is a legitimate cost of coordination and quality management.

Materials and Equipment

Materials and equipment represent 20 to 30 percent of the total budget, though this proportion can be much higher if major systems are being replaced. Paint alone can represent a significant cost. A full hull and superstructure repaint on a 45-metre yacht, including fairing, primer, topcoat, and antifouling, might cost EUR 200,000-500,000 depending on the paint system, the condition of the existing coating, and the amount of fairing required.

Other significant material costs include teak decking (EUR 1,500-2,500 per square metre installed), interior fabrics and leatherwork, mechanical and electrical components, navigation and communication equipment, and safety equipment such as liferafts, fire suppression systems, and medical stores.

Classification and Survey

Class survey fees, flag state inspection costs, and the professional fees of naval architects or engineers involved in the refit add another 5 to 10 percent to the total cost. If the refit involves structural modifications, changes to machinery installations, or alterations that affect stability, these costs can be higher due to the need for detailed engineering analysis and plan approval.

Project Management

Professional project management typically costs 8 to 12 percent of the total refit value. This is the cost of having an independent representative in the yard managing the specification, monitoring progress, controlling quality, managing the budget, and coordinating between the yard, subcontractors, class society, and the owner. As we will discuss later, this is one of the best investments an owner can make in a refit project.

Cost Ranges by Scope of Work

The following ranges are indicative and based on projects in the 30-50 metre size range. Costs for yachts below 30 metres will generally be lower, and costs for yachts above 50 metres can be significantly higher. All figures are in euros and reflect 2025/2026 market conditions.

Annual Maintenance Period (2-4 Weeks)

A routine annual maintenance period covers the essential work that keeps a yacht in safe, operational condition between major refits. This typically includes hull cleaning and antifouling application, mechanical and electrical systems servicing, safety equipment inspection and recertification, minor cosmetic touch-ups, and any outstanding class or flag state survey items.

For a 30-50 metre yacht, budget EUR 100,000-400,000 for an annual maintenance period. The range is wide because it depends on the vessel's age, condition, and whether any systems need more than routine servicing. A well-maintained modern yacht at the lower end of the size range might complete annual maintenance for EUR 100,000-150,000. An older vessel with deferred maintenance or systems approaching end-of-life will be at the higher end.

Mid-Life Refit (Interior Refresh, Systems Upgrade)

A mid-life refit, typically undertaken 8-12 years after build or the last major refit, addresses both cosmetic and functional updates. This might include a full interior refresh (new soft furnishings, updated finishes, refurbished joinery), systems upgrades (navigation electronics, entertainment systems, galley equipment), exterior cosmetic work (full paint, teak deck refurbishment or replacement), and selective mechanical and electrical upgrades.

Budget EUR 500,000-3,000,000 for a mid-life refit on a 30-50 metre yacht. A primarily cosmetic refresh at the lower end, a comprehensive systems and interior upgrade at the higher end. A useful rough guide is EUR 10,000-30,000 per metre of LOA for a mid-life refit, though this varies considerably depending on the vessel's existing condition and the owner's ambitions.

Major Structural Refit

A major structural refit involves modifications to the vessel's hull, superstructure, or fundamental systems. This might include lengthening or reshaping the hull, rebuilding or replacing superstructure sections, complete re-engining, replacement of major mechanical systems (generators, HVAC, hydraulics), full rewiring, and comprehensive interior rebuilds. These projects are essentially partial new builds within an existing hull.

Budget EUR 2,000,000-10,000,000+ for a major structural refit. Projects at this scale require detailed naval architecture and engineering, class plan approval, and extensive project management. They typically take 12-24 months in the yard, sometimes longer. The cost per metre can range from EUR 40,000-100,000+ depending on the extent of structural work.

Full Rebuild

A full rebuild, where the vessel is stripped to bare hull and essentially reconstructed, can exceed the original build cost of the yacht. This is typically only justified for vessels with significant historical, sentimental, or design value, where the hull form and basic structure are worth preserving but everything else needs replacement. Full rebuilds of 40-50 metre yachts can cost EUR 8,000,000-20,000,000 or more, and the project timeline is often 2-3 years.

The Cost Per Metre Guide

The industry often uses cost per metre as a rough benchmarking tool for refit budgets. While it is imprecise, it provides a useful starting point for initial budgeting:

• Annual maintenance: EUR 2,000-8,000 per metre
• Mid-life refit: EUR 10,000-30,000 per metre
• Major structural refit: EUR 40,000-100,000+ per metre
• Full rebuild: EUR 80,000-200,000+ per metre

These figures should be used for initial budget planning only. Actual costs depend on the specific scope of work, the vessel's condition, the yard selected, and the quality of project management.

What Drives Costs Up

Having managed dozens of refit projects, we have seen the same cost drivers appear repeatedly. Understanding them is the first step to controlling them.

Late Scope Changes

Changes to the scope of work after the project has started are the single largest driver of budget overruns. Every change, no matter how small, creates a chain reaction: the yard must re-plan the work, materials may need to be reordered, subcontractors may need to be rescheduled, and the project timeline extends. Yards typically charge a premium for change orders because they disrupt planned workflow. A change that would have cost EUR 20,000 if included in the original specification might cost EUR 35,000-50,000 as a mid-project addition.

Poor Specification

A vague or incomplete specification is an invitation for cost overruns. If the specification says "refurbish heads" without defining exactly what that means (replace sanitaryware? Retile? Replace plumbing? Upgrade extraction?), the yard will interpret it in whatever way suits their pricing, and the owner will almost certainly end up paying for work they did not expect or disputing the quality of work they did not adequately define.

A good refit specification is detailed, measurable, and leaves no room for ambiguity. It defines exactly what work is to be done, what materials are to be used, what standard the finished work must meet, and how quality will be verified. Writing a specification to this standard takes time and expertise, but it saves multiples of its cost during the project.

Wrong Yard Choice

Not every yard is right for every project. A yard that excels at paint and cosmetic work may be poorly equipped for structural steel modifications. A yard with excellent facilities may be in a location where subcontractor availability is limited. Choosing the wrong yard results in delays, quality issues, and ultimately higher costs. Our guide to choosing a shipyard for your yacht refit covers this topic in detail.

Inadequate Project Management

Attempting to manage a refit without professional, independent project management is a false economy. The captain or chief engineer may be technically competent, but they are not refit project managers. They lack the commercial experience to negotiate with yards, the bandwidth to monitor daily progress across multiple trades, and the independence to challenge the yard when work is substandard or costs are unjustified. The 8-12 percent cost of professional project management is routinely recovered in cost savings, schedule adherence, and quality outcomes.

How to Control Refit Costs

Invest in the Specification

Spend the time and money upfront to develop a detailed, comprehensive specification. This means engaging a qualified project manager or technical consultant before the yacht enters the yard, conducting thorough pre-refit surveys (including opening up areas that cannot be inspected externally), and defining the scope of work precisely.

Appoint an Independent Project Manager

An independent refit project manager works for you, not the yard. Their role is to protect your budget, your schedule, and your quality standards. They manage the specification process, evaluate yard quotations, negotiate contracts, monitor daily progress, verify quality, and control the budget. The cost of independent project management is one of the most predictable and well-justified expenses in any refit budget.

Use Fixed-Price Contracts Where Possible

Where the scope of work can be defined precisely, fixed-price or lump-sum contracts transfer cost risk from the owner to the yard. This works well for well-defined work packages such as paint, teak decking, or equipment installation. It works less well for work where the scope may change once the vessel is opened up, such as structural repairs or systems replacement. A good project manager will advise on which elements of the refit should be contracted on a fixed-price basis and which should be managed on a time-and-materials basis with defined budgets and approval gates.

Build in Contingency

No refit budget should be without a contingency allowance. For a well-specified project on a well-known vessel, 10-15 percent contingency is reasonable. For a larger or more uncertain scope, 15-20 percent is prudent. For a vessel being opened up for the first time in many years, 20-25 percent may be appropriate. The contingency is not a spending target. It is a buffer that protects the owner from the inevitable surprises that emerge during any refit.

Control Scope Changes Rigorously

Establish a formal change order process at the start of the project. Every change to the original specification must be documented, priced, approved by the owner, and formally issued to the yard before work proceeds. This sounds bureaucratic, but it is the single most effective tool for preventing budget overruns. An experienced project manager will manage this process and ensure the owner has the information they need to make informed decisions about each proposed change.

The Difference an Independent Project Manager Makes

We manage refit projects of all scales for private yacht owners, from annual maintenance periods to multi-million-euro structural rebuilds. In our experience, the presence of an independent, competent project manager consistently delivers the following benefits:

• Better pricing: Yards quote more competitively when they know the project will be managed by a professional who understands their cost structures and will scrutinise every line item.
• Fewer surprises: Thorough pre-refit surveys and detailed specifications reduce the scope of unknown work.
• Tighter schedules: Daily progress monitoring and proactive issue resolution keep the project on track.
• Higher quality: Independent quality inspection ensures the work meets the specified standard, not just the yard's minimum acceptable standard.
• Lower final cost: The combination of better pricing, fewer changes, and tighter schedule control typically saves far more than the cost of the project management fee.

If you are planning a refit and want to understand the likely costs for your specific vessel and scope of work, learn more about our refit management services. For owners who want independent oversight through the whole project, our owner's representation service places a senior representative at the yard, accountable only to the owner. You can also use our running cost calculator to understand how refit costs fit into the broader picture of annual ownership costs, or read our guide to choosing the right shipyard for your project.

For a confidential discussion about your refit plans, get in touch. We work solely for the owner and have no commercial relationships with yards, suppliers, or subcontractors.