UPDATE, DECEMBER 26, 2014: Proteksan Turquoise released an official statement about the acquisition by MB Holding Company and its chief, Mohammed al-Barwani, quoting the latter as saying he will keep the two yards 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 slightly change its focus, now building yachts a little smaller as well as a little larger than it has in the past. The range will be 131 to 262 feet (40 meters to 80 meters, respectively). “But length is only part of it,” al-Barwani goes on to say. “Different owner segments have different needs, and the best way to meet these needs is through differentiated strategies.” The statement further indicates that projects that had halted construction will resume.
Read on for the original story.
MB Holding Company, which owns Oceanco, has acquired the controlling interest in another megayacht yard. It’s Proteksan Turquoise, the Turkey-based builder.
Over the past several months, Proteksan Turquoise’s CEO, Mehmet Karabeyoğlu, had informed various parties privately that a deal was in the works with Mohammed al-Barwani (pictured, left), the owner of MB Holding Company. He confirmed the finalization of MB Holding Company’s acquisition over the weekend to the media. MB Holding Company has yet to comment.
At press time, our inquiry as to the percentage of the yard that MB Holding Company has acquired has gone unanswered. However, Sabah, a Turkish newspaper, reports that MB Holdings now has 63 percent of Proteksan Turquoise’s shares. The paper states that they were acquired from the family of the late Hayati Kahmi, the co-founder of the yard with Karabeyoğlu. Kahmi died in 2012.
The change in ownership should see new-build construction restart at Proteksan-Turquoise. At least one megayacht begun some time ago, a 154-footer (47-meter) referred to as NB58, will benefit. During the recession, Proteksan Turquoise has struggled like many shipyards globally, relying on refit work while trying to secure new builds.
Proteksan Turquoise was established in 2005, focused on aluminum and steel yachts from 164 to 230 feet (50 to 70 meters, respectively). That size range ends where Oceanco’s focus begins, the latter being 262 feet (80 meters). Proteksan Turquoise’s largest delivery is the 238-foot (72.64-meter) Vicky, launched in 2012.
We will update this story accordingly when more information becomes available.
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