THE man at the helm of Southampton's Oyster Yachts when it went into administration has resurfaced with another top job in the industry.

David Tydeman is the new chief executive of Fairline Yachts based at Hythe.

He was credited with taking Oyster Yachts into the superyacht sector, with 80 per cent of all Oysters over 80ft secured under his leadership since 2008.

However, the business hit the rocks when its Dutch backer TP Investments pulled out in the wake of £7 million insurance claim over a sunken yacht.

Since its launch just over two years ago, Fairline Yachts has been winning awards for its new models. The new Targa 43, which recently launched at Cannes Yachting Festival, last week followed in the footsteps of its larger sister, the Targa 63 GTO, by winning the ‘Best Exterior Design’ Award at the World Yacht Trophies in Cannes .

In December it took over the Hythe complex formerly occupied by Green Marine, which went into liquidation last October with the loss of 50 jobs. The new yard would create 200 jobs, Fairline, said at the time.

Fairline itself has been through a choppy period.

It went out of business at the end of 2015 and was later brought out of administration by Russian investors Alexander Volov and Igor Glyanenko, who are reported to have paid about £4 million for the company’s assets, and renamed it Fairline Yachts.

It made a comeback at the 2016 Miami Boat Show and the following month started production of the new £500,000 Targa 48 GT.