€7 million investment in underwater filming equipment

Finance Minister Tonio Fenech this afternoon visited U-Boat, a company based at Portomaso which invested more than €7 million in high-tech equipment for underwater filming and research. The company showed Mr Fenech footage of its latest acquisition: a sleek submarine using the latest worldwide technology in the field. Company chief Anastasia Budykho said the company has been operating from Malta in 2003 but began servicing the movie industry since 2007. She said the company would be organising a seminar in February to give more details about its latest projects. Ms Budykho added that the company was seeking ways of collaborating with Heritage Malta and other local agencies to document Malta’s underwater treasures. Mr Fenech thanked the company for trusting Malta with further expansion and for attracting films to be shot on the islands, adding that initiatives proposed in the last Budget gave further tax rebates for the movie industry. He said the submarines could also assist in search and rescue operations. The company employs 20 people but plans to expand to 80. Ms Budykho said the company would continue to invest if it found further collaboration from the Government.