By David Robinson

Turkish superyacht builder Proteksan Turquoise has changed its name to Turquoise Yachts. The news comes not long after Omani businessman Mohammed Al Barwani, owner of Dutch yacht-builder Oceanco, acquired a majority stake in the firm.

It has been confirmed by both the Dutch and Turkish companies that each yard will continue to operate separately in terms of the market. This is not to say that any synergy benefits identified between the builders will not be shared.

Al Barwani has said little about his plans for Turquoise Yachts, but going on the progress made at Oceanco since he took over in 2010 and the growth it has experienced, the market is anticipating changes that will significantly enhance Turquoise’s performance in the future.

Oceanco has seen notable yard improvements since Al Barwani bought the company and it has also begun building larger yachts including two over 100m (328ft).

The market view of this second investment in the superyacht sector by Al Barwani is that the two companies provide a complementary match. Oceanco builds yachts generally in excess of 75m-80m (246ft-263ft), while Turquoise builds up to and above 70m (230ft) with its largest project to date being 75m.

Turquoise founder and CEO Mehmet Karabeyoglu describes the acquisition as an “interesting combination” and states that the yard he started in 2001 will focus on building yachts up to around 80m.

For the future it will work on finishing two projects – namely the 81m Andrew Winch design and a 47m yacht that is being restyled by H2 Yacht Design, with deliveries scheduled for 2018 and 2016 respectively.

In previous press comments, Al Barwani said: “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. Different owner segments have different needs and the best way to meet these needs is through differentiated strategies.”

Al Barwani is a leading Omani businessman with interests across a number of sectors, including energy, mining, engineering, hotels and insurance.