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On board with Dr Mohammed Al Barwani, owner of Black Pearl-builder Oceanco

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A life-long love of the sea led Dr Mohammed Al Barwani to acquire not just one but two major shipyards, Oceanco and Turquoise Yachts. He tells BOAT about balancing the business of yachting and life on board his own 32m motor yacht in Oman...

“I remember building a small boat from planks of wood when I was a kid. My friends and I carried the boat to the sea but as soon as we put that thing in the water it sank and all my friends walked away,” says Dr Mohammed Al Barwani with a wry smile. Thankfully his shipbuilding has gone better than his raft building, as he is now the owner of Dutch yard Oceanco and the major investor in Turkey’s Turquoise Yachts .

“I’ve always lived by the sea, and I have always loved the sea. I remember going fishing when I was about six and it was me that got hooked,” he explains as we take respite from a hectic Monaco Yacht Show in the Yacht Club de Monaco. However, despite being a lifelong owner of various boats – ranging from a Laser sailing dinghy to his current 32-metre Hatteras motor yacht – it wasn’t until 2010 that the Omani businessman, who is founder and chairman of MB Holding Group, became involved with the industry from a business perspective.  

“It was during the financial crisis, and I was visiting Oceanco hoping to find an abandoned project,” he explains. “I didn’t find a project, but the owner at the time wanted to sell and do something else. I was impressed by the people I saw; I was impressed by the cleanliness of the shipyard, and I thought maybe we should get into this.” Taking on a shipyard during the economic uncertainties of the period was undoubtedly a gamble, but it paid off. “We were very lucky because soon after the financial crisis the business came back. We acquired it in April 2010; in 2010 we didn’t sell any boats, but in 2011 we sold three boats.”

Over the past decade Oceanco has been behind some extraordinary and innovative yachts – including 106.7-metre sailing yacht Black Pearl , 110-metre Kaos (formerly Jubilee ) and 90-metre DAR . “I am proud of every yacht that we have produced; we produce beautiful yachts,” he says. Dr Al Barwani keeps in regular contact with the management but only visits the yard every couple of months. “When I took over, I gave freedom to the management to do what they want to do. I have a final ‘yes’ or ‘no’ but it is the management that is driving it. I enjoy it, it’s not work, it is more of a pleasure.”

In 2015 Dr Al Barwani decided to expand his investment in the superyacht industry further, acquiring a majority stake in Turquoise Yachts. “I thought at the time, and I still do, that Turquoise has a lot of potential for growth. Turkey has been growing as an industrial country and Turquoise was also growing. Since we acquired it, the company has come some way,” he says.

On the eve of Monaco Yacht Show, Turquoise announced the sale of its largest project to date – an 87-metre custom superyacht named Project Vento. This project sits at the top end of the sweet spot that Dr Al Barwani would like the yard to focus on. “We want to concentrate on yachts from 55 metres to about 90 metres,” he explains. “The 40-metre range is too demanding, and we can’t make money there.”

Dr Al Barwani has owned his current 32-metre Hatteras for 12 years and predominantly keeps the yacht in Muscat. When the weather is good, he often hosts meetings on the aft deck in the marina, ordering in food from the local restaurants. “It’s nice for my clients because instead of being in an office and talking business, we are out on a boat.” But when it comes to the weekends it is all about family. “I have eleven grandchildren, we could start a football team, they are my pride and joy,” he says. “On the weekends we all go out on the boat to relax. I may go for a half an hour dive and the kids enjoy being on the jet skis or the sea bobs.”

His favourite cruising spot is the Daymaniyat Islands, situated less than 20 nautical miles from Muscat. Comprising nine small islands, the nature reserve is famous for its hawksbill and green turtles. “The islands are beautiful,” he says. “I have scuba-dived in a lot of places, but for me Daymaniyat is one of the best diving spots in the world.”

He is passionate that more yachts should come and experience the Omani coastline for themselves. “Oman has a lot to offer, you will be alone on a beautiful beach, the islands are unspoilt and clean. It is just one of the best places to be,” he says. “Going back a few years ago there were a lot of yachts coming into the Indian Ocean but then unfortunately piracy came up and the yachts stopped coming. Now the yachts are coming again, but the problem is there are no facilities and services. It is a chicken-and-egg situation.”

As well as diving, Dr Al Barwani’s other passion while on board is photography. “I inherited the interest from my father. I still travel with a camera – I have three or four of them, but unfortunately my smartphone is taking over,” he says. “I take photos of anything, passing yachts, the sea, the kids. All of my photos are on my phone or the cloud, at my last count there were more than 20,000 pictures.”

With his football team of grandchildren, it’s perhaps not surprising that Dr Al Barwani has considered upsizing to an Oceanco. “We started building a 90-metre on spec and I got the kids to come to the keel-laying ceremony and then a year down the line someone wanted to buy it,” he says. “It has actually happened a couple of times and now the kids are saying, ‘Grandfather, we don’t want to do that anymore because you keep on selling them!’”

Having failed to build his own yacht (without selling it in the process), Dr Al Barwani now has his sights on a 70-metre and has a new plan. “I may consider buying a used Oceanco or Turquoise,” he explains. “A lot of these boats have a life that could go on forever. I would buy a 15- or 20-year-old boat, take it back to the yard to get it refitted and make it more environmentally friendly. It would come back out as a new boat.”

Sustainability is becoming increasingly important for both yards Dr Al Barwani is involved with. “There is definitely a move towards conservation of energy, conservation of the environment and recycling of materials,” he says. “The clients are driving it, the public are driving it but the regulations are also driving it. There will be ports in future where you can’t go in unless your boat meets certain minimum emissions.”

There are of course multiple hybrid and green fuel solutions hitting the market, but Dr Al Barwani also thinks there might be a simpler solution. “There is nothing cleaner than building a sailboat; for 3,000 years there have been sailboats and for 3,000 years they haven’t polluted the oceans.” Oceanco has increased the number of sailing yachts it is producing, and there is currently a 127-metre vessel under construction at the yard . “Ten years ago, we were not building sailboats; now we are probably the leading builder of large sailboats,” he adds.

Aside from his involvement in the superyacht industry Dr Al Barwani’s career has predominantly been based in oil and gas and he sees a lot of similarities between the two. “Oil and gas are a very disciplined area. Because of the accidents that have happened historically it has evolved to be very safety-conscious,” he explains. “It has given me a discipline to look first thing into the safety of anything and obviously safety comes along with environmental issues and sustainability.”

Aside from his oil and gas assets, he also has business interests in banking, insurance, engineering and hospitality. The latter includes several resorts in Oman. “I think there’s a similarity between building yachts and building hotels. A yacht is basically a floating hotel,” he says. One of his daughters looks after Dr Al Barwani’s hospitality business and his other children are also involved in different areas of MB Holding Group. “Some have more interest in the oil and gas and some take more interest in the shipbuilding.”

With the next generation continuing his legacy, at some stage Dr Al Barwani might finally find the time to visit his dream destination. “I have dreamt of going to Raja Ampat for a long time. I have read everything about it, I have watched all the movies about it. It is the place at the top of my bucket list,” he reveals. However, he has very set ideas on what type of yacht he wants to visit the Indonesian archipelago on, and it isn’t made of wood. “I want to go on a nice yacht built by one of my two shipyards,” he says. “As soon as I get my future yacht, I will be there.”

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Forbes’ exclusive interview with Dr Barwani, Chairman of Oceanco

A life-long love of the sea led Dr Barwani to acquire Oceanco in 2010.  Forbes US senior editor Bill Springer exclusively interviews Dr Barwani in his home town in Oman.

“Of course, I knew that Oceanco has built some of the largest and most recognizable superyachts in the world. In fact, I’ve written extensively about Bravo Eugenia ,  Black Pearl , and  KAOS among others. I also learned that Oceanco has grown—a lot—since Dr. Barwani aquired the Dutch shipyard in 2010. And with the lauch of Project Aeolus  at the recent Dubai Boat Show, I also knew his company is committed to innovation and developing the next generation of superyachts that will be more sustainable than anyone ever thought possible.

But, no amount of homework could have prepared me for just how warm, smart, and forward-thinking this self-made businessman from Oman is. And as you’ll see here, Oceanco’s success is no accident. So let’s get started”.

BS:  Where does your love of the sea come from?

Dr. Barwani:  I spent my childhood in Zanzibar, an island off the eastern coast of Africa that, at that time, was ruled by a Sultan who was related to the Sultan of Oman. My love of the sea started at a young age. On an island, you are surrounded by the water and it plays a hugely important part of everyday life. My family did not own boats, we ran plantations and other businesses, which was the case for most Arabs living in East Africa at that time. That being said, I spent much of my youth playing on the beach, swimming and fishing in the tropical waters. There was an abundance of pleasure boats, both sailing and motor, which I greatly admired. I had toy boats and was fascinated by the maritime world, dreaming of one day owning a real boat.

Fast forward to my adulthood after graduating from school, and I was living back in Oman and working for an oil company as a petroleum engineer. Although my wife and I both had good jobs, our financial commitments – including private school fees for our five children, mortgage payments, living expenses and annual summer vacations for the family – meant that, although we lived relatively comfortably, we did not have the kind of funds to be able to own a boat at that time. It was still a dream of mine, though.

Exclusive interview with Oceanco’s chairman Dr Barwani

BS:  How did you end up acquiring Oceanco?

Dr. Barwani:  In 2009, during the global financial crisis, many of the yachts under construction were being abandoned. I was interested in acquiring such a yacht, so I asked a Swiss banker if he could keep a lookout for anything that might become available. A month later my two sons and I visited Oceanco hoping to find a yacht to buy. But after taking a tour of the facilities, and being impressed by Oceanco’s management, skilled workers, product quality and very well-organized operations in such a clean environment, we ended up buying the whole shipyard instead of a yacht!

When we acquired Oceanco, there were approximately 80 employees, who were finishing off a yacht that was yet to be delivered—Y708. To keep the teams busy, we also started work on two more motoryachts—Y709 and Y710. The following year, the market was very depressed; we didn’t sign any new contracts and there were few enquiries. But by 2011, the global economy had started to improve, and the sentiment of the yacht buyers was returning; we sold all the yachts that we had under construction at that time.

I had a hands-on approach to the business in the first years after acquiring it. My engineering background helped in being able to discuss product innovation opportunities with the Oceanco engineers when it came to reviewing the technical drawings and layouts, as well as the overall building process. In addition to appraising the actual construction of the yachts, we worked alongside the management team to build and position the Oceanco brand in a new way by partnering with talented designers who came up with numerous innovative designs that featured cutting-edge engineering, such as  Kao s (ex- Jubilee ),  AQuiJo ,  Tranquility  (ex-Equanimity),  Black Pearl ,  Bravo Eugenia  and  DAR , among others. I am proud to say that, today, Oceanco is recognized as one of the best yacht builders in the world.

BS:  Why is sustainability such a cornerstone of Oceanco’s business philosophy?

Dr. Barwani:  Sustainability is very important to me personally, and it cannot be overstressed how important Environmental, Social and Governance (ESG) considerations are to the business. It is my belief that we must be responsible custodians of the Earth, to conserve it for future generations and leave an unspoiled and a healthy place in which to live.

Consideration of our impact on climate change and the environment, reducing carbon emissions and improving sustainability are the moral responsibility of us all, both as individuals and as business leaders. In my view, it should be incorporated across all business sectors, markets and target demographics. It’s not just a moral issue, it’s also an economical – and an existential – one; something that is critical to the future of life on Earth.

At Oceanco, we’ve been working to reduce our impact for many years now, since before it became a mainstream topic. Our clients and stakeholders also expect us to make efforts to reduce our impact on the planet. We continue to invest in renewables at our premises to reduce our reliance on fossil fuels; our offices and workshops are moving ever closer to net-zero, as we have installed geothermal heat pumps and solar panels to supply our buildings. And we have appointed an internal sustainability expert to assess and improve our efforts in this area, alongside our Oceanco sustainability action plan.

On the water, we design and engineer our yachts to make use of the latest advances in technology, focusing our efforts on the energy transition to explore alternative fuel sources, advanced battery systems and fuel cells. But energy efficiency is not only about reducing consumption, it is also minimizing waste. We typically incorporate heat recapture systems to redirect the heat energy given off by gensets to warm the water of the swimming pools onboard, for example. We also install peak shaving energy storage systems to optimize the utilization of gensets and reduce both energy consumption and maintenance requirements.

We seek to promote the circular economy on our new builds and refit projects, as well as encouraging the use of more conscious materials. Our most recent design, Aeolus, features fully sustainable and traceable materials, including biomaterials.

As an industry, we need to be creative and open to new ways of doing things, when it comes to any kind of meaningful innovation. We need to ‘Think different’, as Apple articulately put it. Along these lines, I would highlight our recently delivered Project H, that has been refit to face the future as a new, contemporary yacht. I hope it inspires more owners to understand that they have options for a ‘new build’. We don’t have to start from scratch each time when there is a fleet of ageing yachts that can be brought up to date with modern standards of sustainability, technology and lifestyle, while also saving time in the process.

BS:  Beyond sustainability, how is Oceanco adapting to face the future?

Dr. Barwani:  Yachting has to keep evolving or we will simply no longer be an appealing prospect for buyers. At the price point that yachts demand, we need to offer significant value. That requires us to understand how people live their lives today and how they will want to live their lives tomorrow. This is the philosophy behind our Oceanco NXT initiative – bringing in experts from all walks of life, in a holistic way. Our mission is to build tomorrow’s superyachts, today. It takes up to a year to design and engineer a yacht and then three to four years to build it. We have to think about how the owner will be using their yacht out in the world, five to 10 years from now.

Some of the themes currently being explored for NXT include clients wanting more adaptable, multipurpose spaces; fewer formal spaces; integrating health and wellness is a given, but not in an overbearing way. And remember that owners still want to have fun.

We must be mindful that yachts aren’t a place where owners take a break from their day-to-day lives anymore; those days are gone. Technology connects us wherever we are in the world, so we see this blurring of the lines between ‘leisure’ and ‘work’, which must be reflected in the yachts we are designing and creating for our clients.

I’m inspired by the work that has come out of NXT, including our designs for Kairos and Aeolus. Our partners share Oceanco’s vision to think outside the box and offer something fresh and exciting. We collaborate with those who seek to reduce the impact that our yachts have on the planet. From partners such as Lateral Naval Architects, ABB and MTU – who find technical solutions like our recently launched Energy Transition Platform, showcased on Aeolus – to design experts who bring in more sustainable, conscious materials to the interiors of the yachts themselves.

BS:  Are the demographics of yachting changing?

Dr. Barwani:  Today, wealth is increasingly made by younger people, and many of them are now yacht buyers and owners. This group’s motivations are about sharing incredible experiences and togetherness alongside an active, sporting lifestyle, and a spirit of adventure to explore exotic places first-hand. And they’re learning that there’s no more incredible way to experience this than by yacht.

I couldn’t have said it better myself!

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Dr. Mohammed Ali Al Barwani

(www.mbholdingco.com)

Business, Innovation, Inspirations, Management, New thinking, Next Gen, Owner, Shipyard

Dr. Mohammed Al Barwani is founder and Chairman of MB Holding group of companies.  He has a Bachelor’s Degree in Science from Miami University, USA & was awarded a Master’s Degree and PhD in Petroleum Engineering from Herriot-Watt University, UK.

 MB Holding is the parent company of a number of companies with wide-ranging interests in oilfield services, oil and gas exploration & production, mining, marine and engineering services. MB Holding also has investments in financial services and in hotels and resort development. The MB Group has operations in more than 20 countries and employs more than 4,000 employees. 

 Dr. Barwani is a non-executive Director of a number of publicly traded and joint-stock companies, Al Madina Insurance co. SAOG, Al Madina Investments SAOG (Muscat Stock Market), Nautilus Minerals Inc (Toronto Stock Exchange). Dr. Barwani owns luxury yacht making company Oceanco in Netherlands & Turquoise in Turkey. Dr. Barwani was formerly a non-executive director of Oman Air, National Bank of Oman, Shell Oman Marketing Company and Taageer Leasing Company, Oman. 

 He is also a member of the Sea-keepers International, a group dedicated to the protection of the Ocean’s eco-systems and its environment.

 Dr. Barwani was felicitated with a Life Time Achievement award by the Al-Iktissad Wal-Aamal magazine (2008) and selected by Ernst & Young as a Global Entrepreneur representing Oman in 2012. He was conferred “COMMANDEUR” IN DE ORDE VAN ORANGE-NASSAU by Her Majesty the Queen of The Netherlands in January 2012. He was awarded the Order of Merit of the Republic of Poland in March 2014.

• Harvard Business School →
• Creating Emerging Markets →
• Interviews →

• Founder and Chairman, MB Holding Company (Oil; Gas; Mining Exploration; Diversified)

“If you can invest in brands internationally, and especially brands which are exclusive, there’s always a market and there’s always demand.”

Mohammed Al Barwani is Founder and Chairman of MB Holding Company in Oman. In the interview, he discusses how he diversified his original businesses to include drilling and oil field services, exploration and production of oil and gas, mining and minerals, oilfield and marine engineering services, biotechnology, cybersecurity, hospitality, investment, insurance, and yacht manufacturing. Upon graduating from Miami University in Ohio in 1975, he went to work for Petroleum Development Oman, a subsidy of Shell. It was here that he began to outline his plans for his future career. He worked for the company for a total of ten years. The first two years he spent as a petroleum engineer on a land oil-drilling rig, and was subsequently transferred to the head office in Muscat where he worked as a petrophysicist for one year. From here, he took a brief break to pursue a master’s degree in petroleum engineering at Heriot Watt University in Edinburgh. Upon completion, he returned to Petroleum Development Oman, where he worked as a reservoir engineer for an additional seven years.

Al Barwani explains that he decided to leave the company and transition his career in a manner that would allow him to pursue his interest in business. The first business he started was a small construction company, which was unsuccessful. After a period of reflection, Al Barwani realized that in order to create a successful business, it had to be in an area that aligned with his education and his experience. He ultimately decided to go back to the oil and gas business. Here, he found success and established his company, which was initially called MB Trading. In this interview, Al Barwani explains the domination of the oil market in Oman by major international oil companies, the lack of local competition, gaining credibility as a company, how he was able to obtain contracts, the importance of focusing on local talent, and the challenges and risks that come along with diversification and global expansion.

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Video Clips by Topic

Diversification (1), diversification (2), global expansion, additional resources.

• Mohammed Al Barwani, Impact Talks, Oman Radio FM 90.4, May 2, 2017.
• Oman Country Report, Economist Intelligence Unit, 2018.
• The Best Super Yacht: The Billionaire Pushing Limits, Bloomberg, December 1, 2013.

Interview Citation Format

Interview with Mohammed Al Barwani, interviewed by Kristin Fabbe, Muscat, Oman, December 18, 2018, Creating Emerging Markets Oral History Collection, Baker Library Special Collections, Harvard Business School.

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Oceanco Sold

By Superyachts.com

Oceanco, one of the world’s leading builders of luxury superyachts, has been acquired by Mohammed Al Barwani, a private investor based in the Sultanate of Oman.

Mohammed Al Barwani has interests in oil, gas, manufacturing, and minerals in Europe, the Middle East and Asia Pacific, through MB Holding Company LLC as well as investments in various other diversified assets.

Barwani has a deep love of the sea and has owned a variety of motor yachts. Extremely enthusiastic about his new venture, he says, “I see Oceanco as a great brand. The company offers an outstanding growth opportunity as the world economy recovers. Oceanco’s order book is healthy and the business shows a strong balance sheet.” Marcel Onkenhout, former Deputy Managing Director of Oceanco, who has been with the company for 16 years, has been appointed as the new CEO. He and his management team will ensure a seamless transition as the business moves forward under new ownership. Oceanco has been building mega yachts since 1990 for discerning and sophisticated clients. In 2000, the yard launched the 95m Indian Empress (ex Al Mirqab), its largest build to date. In 2002, under the leadership of its former owner, Oceanco escalated its market plan and began building innovative and technologically advanced yachts over 80m in length.

Oceanco has the distinction of having built the largest yachts in Holland, which offer a high-level interior finish and state-of-the-art technology. Many of those launched over the last ten years appear in the Top 100 World’s Largest Yachts listing. Furthermore, numerous Oceanco superyachts such as Lady Lola, Amevi, Alfa Nero, and Anastasia – to name a few – have been awarded prestigious awards for their stunning designs. The latest yachts from the shipyard are the 85.5m Vibrant Curiosity, launched 2009 and the 85.5m Sunrays, which earlier this year. Motor yacht Vibrant Curiosity is Oceanco’s third project with Venice-based designers, Nuvolari and Lenard. The stunning superyacht has been nominated for several of this year’s industry awards. Motor yacht Sunrays sports an eye-catching teal-colored hull. The late Bjorn Johansson designed her curvaceous exterior and her interior was fashioned by veteran designer, Terence Disdale.

Three equally extraordinary yachts over 80m in length are currently under construction at Oceanco, with a fourth in the planning phases. Plans are also underway for construction of a new shed that can accommodate yachts up to 110m in length. Mohammed Al Barwani, with a Bachelor of Science degree from Miami University of Ohio and a Masters degree in Petroleum engineering from Heriot-Watt University in Scotland has a firm grasp of projects and systems. He states: “Oceanco will not only continue to construct outstanding yachts, but it is my intention to take the Oceanco brand to the next level.”

"I see Oceanco as a great brand. The company offers an outstanding growth opportunity as the world economy recovers. Oceanco’s order book is healthy and the business shows a strong balance sheet." Mohammed Al Barwani,

"I see Oceanco as a great brand. The company offers an outstanding growth opportunity as the world economy recovers. Oceanco’s order book is healthy and the business shows a strong balance sheet."

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Renamed Turkish superyacht builder TURQUOISE announces new strategy

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Written by Zuzana Bednarova

With three new yachts under construction, the renamed Turkish superyacht builder, TURQUOISE , has announced a bold new strategy to make the world of superyachts more accessible. This news follows the major stake acquisition in Turkish shipyard Proteksan Turquoise by Dr. Mohammed Al Barwani in December 2014.

Mehmet Karabeyoglu left, with Mohammed Al Barwani right

The new Turquoise strategy is built on the shipyard’s technical expertise and its strong reputation as a high quality, high value builder. “There’s an overriding technical element in our business,” comments Mehmet Karabeyoglu, CEO of Turquoise. “ Turkey has a long tradition in shipbuilding with a highly skilled workforce. We are extremely confident of our technical and engineering skills. What truly sets us apart is our widely recognised high quality which we get at a relatively low cost. This is what gives us a highly attractive value proposition.”

New 80m Mega Yacht Project

Mohammed Al Barwani said that the yard will concentrate on the construction of yachts measuring up to 80m in length. “There is definitely an opportunity for a high quality, high value builder with an established track record,” he says. “We’ll enhance Turquoise’s ability further with leading edge design and innovative engineering plus enhanced quality control and management systems.”

Superyacht Talisman C underway

Based at Pendik, outside Istanbul, Turquoise was founded in 2001. The yard boasts a highly professional workforce which has worked on the construction of twenty luxury vessels, including motor yacht Talisman , superyacht Vicky and luxury yacht Ileria , launched in 2011, 2012 and 2013 respectively.

Costa Magna Sundeck 2

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ODESSA - Sundeck

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Cruising On Board Yacht BARAKA

More charter yachts built by  Proteksan Turquoise .

Please contact CharterWorld - the luxury yacht charter specialist - for more on superyacht news item "Renamed Turkish superyacht builder TURQUOISE announces new strategy".

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Mohammed Al Barwani

Omani billionaire Mohammed Al Barwani first made his fortune by providing oil field services with his company MB Holding, founded in 1982. It is now one of the country’s largest conglomerates, specialising in oil and gas exploration and production, and to a lesser extent, engineering services and mineral mining. Having a love for boats from…

O mani billionaire Mohammed Al Barwani first made his fortune by providing oil field services with his company MB Holding, founded in 1982. It is now one of the country’s largest conglomerates, specialising in oil and gas exploration and production, and to a lesser extent, engineering services and mineral mining. Having a love for boats from a young age, he also owns the Dutch luxury yacht builder Oceano and a Turkish shipyard Turquoise Yachts. Last year, MB Holding gained approval to issue sukuk through a $150 million Islamic bond programme, making it the second company in Oman to able to do so. 

Chairman, MB Holding

Origin:Oman

Residence:Oman

Sector:Energy

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