Megayacht H Emerges After Oceanco Refit as the Most Luxurious Form of Upcycling

That superyacht is actually a megayacht – or might even be called a gigayacht, considering it’s now longer than it was when it was originally delivered in 2000. It’s the iconic H, which was delivered as Al Mirqab, but also sailed under the names of Indian Empress and NEOM, and has a very interesting and occasionally-controversial history.

Oceanco calls it simply 1050H, and not-so-simply the face of the future. It’s the most luxurious form of upcycling, if you will, hopefully paving the way for a new trend in the industry, which is more mindful to the environment and ultimately beneficial to all parties involved.

1050H emerged from the most recent refit, its second to date, at the Oceanco shipyard in The Netherlands as a completely new vessel. Its owner wanted an upgrade over what the vessel offered, but at the same time, they didn’t want a new boat. Oceanco proposed the solution of using the hull and all the engineering they already had in H to craft a new vessel, one that was more in keeping with the times and more efficient across the board.

In the process, construction timelines were reduced drastically, as was the overall impact of the project on the environment. After all, things are bound to be smoother and quicker if you already have a base to start from, as opposed to starting from scratch. H was that base, and Oceanco is proud to call this an industry first, as well as their most challenging and revolutionary project of this scale.

1050H is now longer than Al Mirqab: 105 meters (344 feet) to the original 95 meters (311 feet). It also boasts a new superstructure with a sleeker and more aggressive profile, complete new interiors by Reymond Langton Design (who also did the original interiors), and significant improvements in terms of stability, comfort, performance, capability and sustainability. Details are not offered, but Oceanco makes it clear that the refit slash transformation was the way to bring H into modern times and set the tone for the future of this segment of the market.

“At a time when the yachting industry is increasingly mindful of the impact that newly built vessels have on the planet, it is pertinent to highlight that bringing an existing superyacht’s environmental profile up to date with contemporary standards can have as much, if not more, of a positive impact,” the luxury shipyard notes.

A rough estimate is that the transformation shaved about one year off the build of a new vessel, but also had priority over new builds. Considering that Oceanco is booked solid well into the last part of the decade, that’s perhaps the biggest win for the owner, because they didn’t have to wait that long to have construction start on a new boat.

Originally, Al Mirqab was based on naval architecture by Oceanco, with exterior design by The A Group, which also represented the current owner this time. It was delivered new in 2000 to the Prime Minister of Qatar, who sold it in 2006 to the “King of Good Times,” billionaire politician and businessman Vijay Mallya. He renamed it Indian Empress, and used it extensively until 2017, when he abandoned it over a bunch of outstanding debts; it would sell at auction one year later, after it was seized by authorities in Malta.

During Mallya’s ownership, the vessel reportedly carried luxury cars and precious art pieces like original paintings by Chagall and Renoir on the regular, to entertain the many A-list guests who’d set foot on it. Mallya had overseen a refit in 2016, which was also when he made sure everything onboard was up to his outrageous standards.

The vessel sold for a reported €35 million ($37.6 million at the current exchange rate) in 2018 and was renamed NEOM. The new owner, who is believed to be the same one that ordered the refit, is rumored to be Mohammed bin Salman, the Crown Prince and Prime Minister of Saudi Arabia. The name change to H was more recent.

Originally, the megayacht was powered by three MTU diesel engines that would take it to a top speed of 25.5 knots (29.3 mph/47.2 kph). Range was 6,700 nautical miles (7,710 miles/12,408 km) at cruising speed. Because it was never offered for charter, details on this now-old vessel remain scarce: for instance, depending on who you ask or where you get your info from, you’ll find that its interior of 3,176 GT was said to accommodate anything between 12 guests to 34, as well as a crew of 30 to 40.

The bottom line is that this enormous vessel is among the top 5% by length in the world, and also among the most expensive. Its original price tag was of over $150 million, but this doesn’t include the 2016 refit or the 2023 transformation. Oceanco hopes it serves as inspiration to other multi-millionaires and billionaires looking to upgrade to something newer, bigger or fancier: don’t buy new, upcycle.

“It is our ambition that this landmark project will inspire owners of existing yachts to benefit from the gift of time while adding value to their ownership experience as well as the planet. Through this approach, icons have the potential to become the new faces of tomorrow,” Oceanco Marketing Director Paris Baloumis says.