An iron memory keeps the records straight: the business tied to the J. Barreras group is entering liquidation following the Ritz-Carlton footprint near the shipyard. The group operates more than a dozen branches across Malta, Luxembourg, Liechtenstein, Singapore, and the Cayman Islands. A foundation laid by the Oaktree Capital fund promised a large workload for the Galician navy, signaling ambitious ambitions that would shape the region’s maritime economy.
The project centers on the ultra-luxury cruise ship EvolutionConstruction 1705, soon to be joined by vessels Ilma and Luminara, each valued around €250 million. In Vigo, Douglas Prothero emerged as the key figure behind Barreras, guiding the company through a period of dissolution. The entity that acquired Barreras from Beiramar and continues to own the parent company operates as Cruise Yacht Upper Holdco. When looking at the Vigo investment, auditors show a net stake around €135 million in 2020, a figure that climbed after Prothero shifted focus to Cantabria. The affiliated entity, OCM Luxemburg EPF IV Cruise Yacht Master Holdco, along with its Grand Duchy-based associates, forms part of the network linked to Faro de Vigo, a publication tied to the Prensa Ibérica group. The financials paint a picture of a multi-layered corporate web with substantial cross-border activity.
As Evolution prepared for its voyage, plans unfolded around March 15, 2021, when Astander theoretically departed the Vigo Estuary for dry dock. There, exterior and superstructure work would be carried out before the ship returned to Galicia for continued construction. Prothero’s strategy included expansive sales pitches to the wider industry, yet the ship’s path to momentum faced a real obstacle: the vessel had to be towed, lacking its own propulsion, and negotiations with suppliers in Cantabria aimed to avoid seizure for non-payment. The result was that Evolution never returned to Barreras, docking in Santander on March 19 as liquidation processes began to take shape at the region’s largest private shipyard in Spain.
The image of Evolution leaving Barreras and heading toward Santander captures the moment of transition in a troubled project. A caption from the time notes the ship’s departure as it ventured into virtual reality and the broader maritime narrative surrounding the yard. This episode highlights how the crisis at Barreras extended beyond a single project, reflecting financing strains and the broader market conditions that affected shipyards across the sector.
During the pandemic year, the OCM Luxemburg balance sheet shows a net investment near €135 million, a sum aimed at reactivating work at Beiramar after Pemex reduced capital flows. With Evolution anchored in Astander and the project stalled for months, Prothero’s team redirected Vigo’s utilities to Cantabria and other international providers, hiring workers from Eastern Europe and integrating a diverse supplier network. The ship underwent a series of changes and repairs, contributing to delivery delays. The total project outlay exceeds €500 million, underscoring the scale of the investment and the complexity of coordinating multiple stakeholders across borders. The accounts of OCM Luxemburg reflect a €245 million investment throughout 2021, a figure that remains tied to the Barreras group and its Vigo-based suppliers and contractors. Santander invested nearly the same amount to build the ship from scratch, illustrating the heavy financial footprint of the project. (Source: Faro de Vigo)
In the years that followed, the enterprise balanced asset discussions against the need to preserve operations and supplier relationships. The overall strategy reflected a careful, albeit unsettled, approach to navigating liquidity challenges and project delays while attempting to sustain employment and regional activity in Vigo. The legacy of Evolution and Barreras remains a touchpoint for discussions about maritime construction, credit provision, and the evolution of shipyards within Spain’s shipbuilding landscape. (Fuente: Faro de Vigo)
Benefits
Last year, the ownership group Cruise Yacht posted a profit exceeding €35 million, even as the shipyard faced controlled bankruptcy pressures. Prothero’s tenure as executive chairman did not lead to close collaborations on projects with the Havila Kystruten or Armas fleets due to financial constraints. A backlog of unpaid bills, totaling over €9 million and dating back to José García Costas’s presidency, continues to be addressed as the company advances through insolvency proceedings. The ability of suppliers to recover funds will hinge on case outcomes within the contracting entity’s restructuring efforts.
Initial plans envisioned Evrima’s inaugural journey accompanying a Fort Lauderdale start in February 2020, under a broader schedule that later shifted. The most recent update places the tenth voyage on October 15, with a cruise running from Barcelona to Nice. The cruise itinerary includes a refueling stop in Gibraltar and a final stretch toward Marseille, where onboard hotel services would be completed before welcoming guests. While these plans reflect ambitious ambitions, the timeline remains fluid amid ongoing financial and operational negotiations surrounding the shipyard and its flagship project.
In summary, Evolution’s voyage and Barreras’ broader story illustrate a period of significant investment, restructuring, and strategic redirection. The case highlights how large-scale maritime projects intersect with complex ownership structures, cross-border funding, and a shifting market that continues to test every link in the supply chain. The narrative remains a critical reference for stakeholders assessing risk, capital allocation, and the resilience of regional shipyards in a dynamic global maritime economy.