The most common and most likely answer to this crossword clue is the 7 letter word SLIPWAY
I've seen this crossword clue in The Guardian
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More clues leading to the result SLIPWAY
Buddy explains!

The straight part
We know that "in the shipyard" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case in the shipyard = slipway.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does SLIPWAY mean?
SLIPWAY noun- A sloping surface, leading down to the shore or to a river, on which ships are built, repaired or stored and from which they are launched.