Oceanco Changes Ownership

ALBLASSERDAM, The Netherlands, April 29, 2010 /PRNewswire/ -- Oceanco, one of the world's most significant builders of luxury superyachts, has been acquired by Mohammed Al Barwani, a private investor, who is based in the Sultanate of Oman. 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 motoryachts. 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 megayachts since 1990 for discerning and sophisticated clients. In 2000, the yard launched the 95 -meter 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 started building innovative and technologically advanced yachts over 80 meters in length. Oceanco has the distinction of having built the largest yachts in Holland. They are not only large, but all have the highest level of interior finish and state-of-the-art technology. Many of those launched over the last ten years appear on the World's Top 100 Superyacht list. Furthermore, numerous Oceanco yachts such as Lady Lola, Amevi, Alfa Nero, and Anastasia-to name a few-have won prestigious design awards such as those from the International Superyacht Society, Boat International Media, ShowBoats International, Yachts International, and Asia Pacific Boating. Oceanco's design offices are in Monaco and the shipyard is in Alblasserdam, Holland. The company works with a wide range of top international designers and naval architects.

The latest yachts from the shipyard are the 85.5-meter Vibrant Curiosity, launched 2009 and the 85.5-meter Sunrays, launched 2010. Vibrant Curiosity is Oceanco's third project with Venice-based designers, Nuvolari and Lenard. She has been nominated for several of this year's industry awards. 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. Currently under construction at Oceanco are three equally extraordinary yachts over 80 meters, a fourth is in the planning phases, and various other designs and proposals are on the drawing boards. Plans are underway for construction of a new shed that can accommodate yachts up to 110 meters in length.

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, "that Oceanco will not only continue to construct outstanding yachts, but it is my intention to take the Oceanco brand to the next level."

SOURCE Oceanco