Al-Barwani declined to comment on the details or value of yachts Oceanco has sold, citing owner confidentiality. He said each transaction was “significant.”
He wants the company to build features that clients don’t think they need until they see them. Customers upgrade their boats as often as every four years, seeking to add additional space or amenities, such as movie theaters or more fuel- efficient engines.
Designers, Crew
Superyacht prices can be as high as $600 million, depending on variables such as volume and interior design. They are sold on fixed-price or cost-plus contracts, which ensure the builders make their target profit margin after payments to designers, engineers and other contracted workers.
Owners also have to pay for a crew of at least 25, fuel, and the cost of berthing the boat. A yacht’s annual operating costs are about 10 percent of its cost, according to de Waard, who said owning such a vessel is similar to operating a small hotel.
“It’s very much like having a villa on the sea,” al- Barwani said. “In the summer you can be south of Europe or in the Mediterranean, and in the winter you can be in the Indian Ocean.”