TT-Line confirmed on Friday it had signed a contract with Rauma Marine Constructions for the building of two new Spirit of Tasmania vessels.
TT-Line chairman Michael Grainger described the contract's signing as a significant event for the company.
He said the signing was made more important by virtue of a clause which stipulated the new vessels would feature up to $100 million of local content.
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Infrastructure Minister Michael Ferguson earlier in the week said that clause would be managed with penalty clauses.
Mr Grainger said the ships would be similar to the current vessels, but with substantially more capacity for passengers and freight.
Mr Grainger said the new vessels would provide long-term increased capacity for further economic growth of Tasmania.
"The tourism sector is already a highly successful sector that is delivering positive results for the state," he said.
"Our independent expert modelling for future travel demand on the Spirits projected a continuation of strong passenger growth that will only benefit the tourism industry, particularly in regional areas."
Mr Grainger said TT-Line had been advised by RMC that construction on the new 212-metre-long vessels was planned to start in the European spring in 2022.