BRUNEI: Atoll Yachts, a Brunei company has set its sights on entering the multi-billion dollar luxury ship-making market by making world class yachts.
Brunei could make its mark in the economy not just in the oil and gas industry, but also with yachts.
Chief executive John Mallory Bromage said he found the Sultanate had the finest boat-building material in the world, after consulting various overseas experts.
Atoll Yachts intends to design and produce the first local brand of yachts of international standards, utilising local hardwood species the selangan batu and meranti.
the company is currently constructing a 111-foot wooden yacht dubbed Atoll III.
Located on the bank of Belait River. Atoll Yachts has been providing maintenance services for vessels around Southeast Asia since it formed on March 8, this year.
According to Bromage, the market for yachts in Southeast Asia is expanding, with 53 marinas being built in the region.
Addressing environment concerns, the CEO said the company was prepared to make a commitment to Brunei’s rainforests, for every tree they take to build a yacht, they would “put two back”.
Atoll Yachts would also be looking into starting apprenticeship programmes, drawing skills from local vocational and technical schools.
According to the company, Brunei has significant advantages in the industry, including no acid rain, no typhoons, a long dry season (March to October), a stable business, political and social environment as well as good security.
Duty-free imports of boat equipment, engines, electronics and low taxation and government charges augurs well for the company. – Agencies