Company Announcements

One of the world's most celebrated ocean-racing yachts, Wild Oats XI, will race as Palm Beach XI under the new ownership of Palm Beach Motor Yachts and will relaunch with major modifications for the 80th Rolex Sydney Hobart Yacht Race this December 2025.

SYDNEY, Oct. 24, 2025 /PRNewswire/ -- Palm Beach Motor Yachts, subsidiary of Grand Banks Yachts Ltd., announced it has become the new owner of one of the world's most legendary offshore racing yachts, the 100-foot Supermaxi Wild Oats XI. Reborn as Palm Beach XI, this nine-time Rolex Sydney Hobart line-honors winner will serve both as a symbol of the company's passion for technology and innovation and as a proving ground for performance and design excellence. It will also become a defining catalyst for Palm Beach Motor Yachts—strengthening the company's global presence, amplifying its competitive position, and reinforcing the brand's reputation for engineering and performance leadership.

The announcement will be followed by an international press event at the Fort Lauderdale International Boat Show on October 29, where Palm Beach Motor Yachts will unveil striking renders of Palm Beach XI's new state-of-the-art appendage package. These extensive upgrades feature a new deeper keel fin and bulb, upwind daggerboards, and impressive C-foils, all engineered to optimize lift, minimize drag, and keep Palm Beach XI at the forefront of marine technology and international ocean racing.

Mark Richards, CEO and Skipper

For more than two decades, Palm Beach Motor Yachts Founder and CEO Mark Richards has shared an extraordinary and special relationship with the Oatley family, skippering Wild Oats XI to numerous ocean-racing victories, including nine Rolex Sydney Hobart wins. Now, he takes the helm as both an owner and skipper—a full-circle moment in modern ocean racing. The timing is especially meaningful as it coincides with the 30th anniversary of Palm Beach Motor Yachts, founded by Richards from humble beginnings in Australia three decades ago and built on the same spirit of determination, precision, and innovation that has defined his racing success.

"This is our DNA and a strategic direction shaped with the board of this great company to build brand awareness, strengthen marketing, elevate the customer experience, and drive innovation," said Richards. "Opportunities like this don't happen without the support of an extraordinary team. With 1,200 people worldwide— sales, service, design, engineering, production, management and shareholders—we're proud to demonstrate our shared values on one of the world's most visible stages. I'm deeply grateful to the Oatley family for their amazing support and friendship over the past two and half decades, together we made Wild Oats XI a benchmark in global ocean racing. It's an honor to carry that legacy forward under the Palm Beach Motor Yachts name. Whether it's a 100-foot Supermaxi or a Palm Beach Motor Yacht, our principles never change: maximize strength, minimize weight, and pursue performance without compromise. Running a race yacht is like running a business, build a cohesive team, focused on a goal, work together with discipline and precision."

The Racecourse as a Proving Ground

Much like Formula 1 racing serves the automotive industry, Palm Beach XI will act as a living technology platform for Palm Beach Motor Yachts. The extreme conditions of ocean racing provide the ultimate environment to test cutting-edge hydrodynamic features, and advanced composite engineering solutions. For Mark Richards and his team, it's the strategic expression of a lifelong passion for performance and innovation. Every insight earned on the racecourse flows directly into the company's motor yacht range, ensuring Palm Beach Motor Yachts are not only stronger, faster, and more fuel efficient, but also carry forward the relentless spirit of improvement that defines the brand.

"Our investment in Palm Beach XI underscores the strength of our company and the continued evolution of the Palm Beach Motor Yachts brand," said Basil Chan, Chairman of Grand Banks Yachts Ltd. "It connects the world of elite ocean racing with our design and engineering leadership, reinforcing our global growth ambitions."

An Invitation into History

Palm Beach XI isn't just a racing machine it's the centerpiece of a 2-year global race campaign that will bring Palm Beach Motor Yachts' competitive spirit to the world stage. Palm Beach Motor Yachts owners will enjoy unprecedented access to the yacht and its racing program, experiencing firsthand the innovation, prestige, and heritage that define Palm Beach Motor Yachts. Through private activations and special events, they'll become part of a legacy that is still being written.

By carrying Wild Oats XI forward as Palm Beach XI, Palm Beach Motor Yachts unites a storied racing icon with a designer and builder renowned for technology, craftsmanship, and uncompromising luxury. Together, they set a new course, blending timeless design with forward-thinking innovation and translating racing precision into unmatched performance and efficiency on the water.

WORLDWIDE PRESS CONTACT 
Sand People Communication 
Elisa Corti
Email: Palmbeachmotoryachts@sandpeoplecommunication.com 

PALM BEACH MOTOR YACHTS CONTACT 
Donna Meares
Email: dm@gbmarinegroup.com

ABOUT PALM BEACH MOTOR YACHTS
Founded in 1995 by ocean-racing champion and yacht builder Mark Richards, Palm Beach Motor Yachts was born from a passion for precision, performance, and design excellence. Every yacht reflects the brand's racing heritage—combining elegant, timeless lines with advanced composite construction and meticulous craftsmanship. At the heart of every build is the company's proprietary V-Warp^® Technology, delivering exceptional efficiency, balance, and stability while significantly reducing fuel consumption and emissions.

Today, Palm Beach Motor Yachts offers a refined portfolio of highly customizable yachts across its Classic, GT, and GT RS series. Each yacht is designed and built at the company's state-of-the-art factory, supported by sales and service offices across North America, Europe, Australia, and New Zealand. Palm Beach Motor Yachts is subsidiary of Grand Banks Yachts Ltd. (GBY:SP) and is publicly traded on the Singapore Exchange.

For more information, visit www.palmbeachmotoryachts.com.

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SOURCE Palm Beach Motor Yachts