Mohammed Al Barwani has acquired a majority stake in Turkish superyacht builder Proteksan Turquoise. This is the second major investment in the super yacht industry for Dr. Barwani who, since 2010, has been the owner of the Dutch shipyard, Oceanco.
“This is a strategic investment to capitalize on the differentiated opportunities in the superyacht industry,” says Dr. Barwani. When asked about possible operational synergies, he was clear that the two yards will be kept separate and independent. “We will fully respect the differences between these two brands. Each has its own distinct strength and that’s exactly why I have invested in them both.”
Proteksan Turquoise will focus on yachts between 40 meters and 80 meters while Oceanco builds above 80 meters. “But length is only part of it,” he says, “different owner segments have different needs and the best way to meet these needs is through differentiated strategies.”
Mohammed Al Barwani recently joined the Forbes Billionaires ranks for the first time. He founded energy conglomerate MB Holding as MB Trading in 1982. In 1986 the company started providing oil field services, soon expanding into exploration and production of oil and gas, which remains the most valuable part of the business. MG Holding also mines minerals and provides engineering services. His five children are all active in the company, which had 2012 revenues of $1.3 billion. In 2010 he bought luxury yacht manufacturer Oceanco.
Proteksan Turquoise was established in 2001 by Mehmet Karabeyoglu and his late partner, Hayati Kahmi. The yard at Tuzla, outside Istanbul, employs a highly skilled workforce which has built twenty superyachts including M/Y Talisman, M/Y Vicky and M/Y Ileria, launched in 2011, 2012 and 2013 respectively.
“This is great news for the yard,” says Mehmet Karabeyoglu, CEO of Proteksan Turquoise. “Mohammed Al Barwani has a great track record in business with successful investments in a wide range of industries as diverse as petroleum, mining, engineering, hotels and insurance.”
Turkey has a highly skilled workforce with a long tradition in shipbuilding and Proteksan Turquoise is considered to be the leading Turkish yard. Dr. Barwani spoke of plans to enhance this reputation further by combining leading edge design and innovative engineering with enhanced quality control and management systems.
“This is an exciting project and I very much look forward to launching future projects as well as yachts currently under construction.”
For more information: proteksan-turquoise.com