The Owner of Oceanco Buys into Proteksan Turquoise


One of the worst kept secrets in the superyacht industry has now been revealed although few will say it is surprising news.

Shortly after Hayati Kamhi, the significant shareholder in the Turkish shipyard Proteksan Turquoise died in 2012, the 63% shareholding he held has been looking for a new owner.

Dr. Mohammed Al Barwani, the owner of Oceanco has been a good friend of Proteksan Turquoise CEO Mehmet Karabeyoğlu for some years, and has expressed an interest in the yard in the past.

Now Al Barwani who hails from Oman and has interests in oil, gas, manufacturing, and minerals around the world has added Proteksan Turquoise to his list of superyacht assets

It has been stated that despite the fact that the two superyacht building shipyards share the same significant shareholder the two will operate separately at this stage.

Hopefully this, and perhaps a name change, will bring to an end the run of bad luck that has plagued the Turkish yacht builder since the loss of Yogi and with news that, the company has signed an agreement to complete two existing yacht hulls in build nearby the future, looks more secure

The completions are said to be a 47m that will be restyled by H2 Design and an 81m originally designed by Andrew Winch.

Adding to the company’s good news comes a report that they are also negotiating to build two 40m Fast Hull Displacement projects from two different Dutch designers.

“This is a strategic investment to capitalise on the differentiated opportunities in the super yacht 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 metres and 80 metres whilst 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.

“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.”