Board of Directors Report
Our ability to advance with confidence and agility in this changing landscape while executing one of the largest fleet expansion programs in our history reflects the strength of our strategy, the professionalism of our people, and our steadfast commitment to sustainable growth and operational excellence.
This, in turn, underscores Nakilat’s pivotal role in supporting the global energy ecosystem and reinforces its leadership as a trusted partner in the international shipping and maritime services sector.
As part of our ongoing pursuit of strategic transformation, our commitment to sustainability remains a fundamental pillar of our long-term success. We continue to make tangible progress in environmental stewardship, operational efficiency, and responsible business practices, thereby strengthening our performance across environmental, social, and governance (ESG) criteria. Our financial performance in 2025 once again demonstrates Nakilat’s disciplined approach to long-term value creation. In a year marked by shifting market dynamics and rising operational demands across the maritime sector, the Company maintained robust financial stability supported by prudent financial stewardship and efficient fleet operations. This year’s performance demonstrates the effectiveness of our strategic priorities in enhancing efficiency, strengthening our operating model, and driving improvements across our core businesses and joint ventures, reinforcing Nakilat’s position as a trusted partner in the global energy supply chain.
Nakilat is currently transitioning from planning to execution of its fleet expansion program through the construction of next-generation vessels incorporating state-of-the-art technologies to enhance efficiency and meet sustainability requirements. Construction of gas carriers has commenced at various shipyards in Korea and China, bringing the total number of vessels to be built to 40 ships of varying sizes, in accordance with the approved schedules. This move represents not merely an expansion in fleet capacity; rather it also embodies the Company’s strategic focus on fleet modernization and the enhancement of its operational capabilities, thereby supporting the development of a reliable, safe, and environmentally responsible LNG shipping network.
Allow me to highlight some of Nakilat’s key operational achievements accomplished during 2025:
- Reaffirming its strong safety and sustainability culture,Nakilatmaintained the British Safety Council’s Five-Star Ratings for the Occupational Health and Safety Audit and the Environmental Sustainability Audit. This achievement reflects the Company’s unwavering adherence to the highest international standards in safety and environmental protection, and further strengthens its position as a leader in responsible and sustainable performance.
- Attainedan operational reliability rate of 99.6%, ranking among the highest globally.
- Achieved a zero Lost Time Injury (LTI) rate acrossNakilat-Managed fleet.
- The Company further strengthened its sustainability initiatives through mapping and measuring emissions, thereby leading the way in Qatar.
Nakilat’s subsidiary and joint ventures at the Erhama Bin Jaber Al Jalahma Shipyard played a pivotal role in supporting the Company’s growth trajectory and delivering outstanding performance during 2025. This was achieved through the provision of integrated solutions encompassing critical ship repair services, the fabrication of offshore structures, and the delivery of comprehensive maritime solutions in accordance with the highest standards, thereby supporting the achievement of the objectives of Qatar National Vision 2030.
The Board is pleased to highlight the notable accomplishments of our joint ventures and subsidiaries in 2025:
- Qatar Shipyard Technology Solutions recorded a 98.1% customer satisfaction rate while delivering over 220 marine vessel and rig repair projects, including its 2,000th repair milestone, and secured the NFPS COMP 3 Project with Saipem, marking the largest single order in the Shipyard’shistory;
- Qatar Fabrication Company (QFAB) achieved a remarkable milestone by recording 15 millionman-hourswithout a Lost Time Injury (LTI), while concurrently advancing the execution of several major fabrication projects under QatarEnergy’s North Field Expansion project (NFXP/NFE), North Field Production Sustainability project (NFPS) and North Field South project (NFS). Furthermore, during the year, QFAB was awarded ISO 17020 certification, a strategic step that bolsters its operational competency and the quality of its technical services;
- Nakilat-SvitzerWijsmuller (NSW) achieved an outstanding milestone by recording 17.55 million work exposure hours without any Lost Time Injuries (LTI), reflecting its strong commitment to the highest safety standards;
- NakilatAgency Company (NAC) successfully completed 20 years of service, providing around-the-clock logistics and marine services across Qatar’s ports and terminals. In 2025, NAC supported over 3,750 port calls across Qatar and coordinated over 1,500 internationally, all without incident or service disruption.
The Board of Directors commends the Company’s strong financial performance in 2025, with a net profit of QAR 1.69 billion, representing an increase of 3.1% from QAR 1.64 billion in 2024. Building on our stable operational results and solid market positioning, Nakilat has continued to deliver value to its shareholders. Based on the Company’s financial strength and forward outlook, the Board is pleased to recommend a cash dividend distribution of 7.2 Qatari Dirhams per share for the second half of year 2025 to the General Assembly. This is in addition to the half yearly interim cash dividend of 7.2 Qatari Dirhams per share in respect of the six-month period ended June 30, 2025. Together the total cash dividend distribution amount is 14.4 Qatari Dirhams per share for the year 2025.
Nakilat’s Board of Directors extends its sincere gratitude to HH Sheikh Tamim Bin Hamad Al Thani, the Amir of the State of Qatar, and HH Sheikh Hamad Bin Khalifa Al Thani, the Father Amir of the State of Qatar, for their visionary leadership, which has been instrumental in Nakilat’s journey.
Our appreciation also goes to HE Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, for his steadfast support of Nakilat’s activities and partnership with the Erhama Bin Jaber Al Jalahma Shipyard. Finally, we express our heartfelt thanks to our shareholders, management, employees, and partners, especially QatarEnergy LNG, along with Qatar Stock Exchange (QSE) and Qatar Financial Markets Authority (QFMA) for their continued dedication and invaluable support of the Company’s operations.
MR. ABDULAZIZ AL-MUFTAH
Chairman of Nakilat Board
EXPLORE THE ANNUAL REPORT
Corporate Strategy
Corporate Governance
Corporate governance involves a framework of rules and practices designed to ensure that companies operate within a transparent and appropriate decision-making structure, safeguarding the interests of all stakeholders and shareholders. Nakilat’s board of directors and senior management aim to build long-term relationships with stakeholders and maintain the highest standards of ethical behaviour, accountability, transparency, and fairness across all business operations.
Nakilat believes that adopting the best governance practices and standards will enable it to achieve transparency, integrity, and trust in its financial data, thereby enhancing the confidence of creditors, lenders, and shareholders in the company, as well as helping investors make informed investment decisions. Nakilat views governance as a framework that aligns all stakeholders to unite behind the Company’s goal to provide clean and reliable energy transportation to improve the quality of life for people worldwide.
Recognizing the essential connection between effective governance and strong financial performance, Nakilat is dedicated to upholding leading governance practices and adhering to the governance code established by the Qatar Financial Markets Authority (QFMA). Our governance report, reflects our commitment to complying with all relevant regulatory requirements. This report is made available to all relevant stakeholders and the public through Nakilat’s website, ensuring transparency and accountability in our governance practices.
Operational Highlights
Fleet
- In 2025, Nakilat continued to operate and manage a diverse fleet of gas carriers, including Q-Max, Q-Flex, ME-GI, and X-DF LNG carriers, as well as FSRU and VLGC vessels. Our fleet remains chartered to leading international energy companies, including QatarEnergy LNG and Cheniere.
- In 2025, the FSRU successfully completed 71 ship-to-ship (STS) transfer operations. Nakilat vessels played a critical role in supporting the commissioning of new global terminals, consistently upholding the highest standards of safety and operational efficiency.
- Throughout the year, we successfully completed 5 dry-docking projects without accidents or incidents. These achievements underscore our ongoing commitment to operational excellence and customer satisfaction through continuous engagement with stakeholders and charterers.
Shipyard
- Qatar Shipyard Technology Solutions
- Completed more than 320 LNG repair projects since inception.
- Awarded a contract by Saipem for the Comp 3 Project which includes fabrication and loadout for subsea, brownfield, and GRP bridges for NFPS offshore riser platforms and intrafield pipelines, the largest single order in Qatar Shipyard Technology Solution’s history
- Qatar Shipyard Technology Solutions was awarded a contract by Saipem for the COMP 3 Project, which includes fabrication and loadout for subsea, brownfield, and GRP bridges for NFPS offshore riser platforms and intrafield pipelines.
- Received a contract award from CSUB for GRP fabrication related to the NFS pipeline project.
- Completed 221 repair projects, including 11 LNG carriers, 20 tankers, 16 rigs/liftboats, 2 LPG carriers, and other vessels.
- Qatar Fabrication Company (QFAB)
- Qatar Fabrication Company implemented key QatarEnergy LNG projects.
- Commenced fabrication of 5,190 MT of subsea structures (sleepers, bridges, pipeline shrouds, TEE & WYE skids, installation aids) for QatarEnergy LNG North Field South (NFS) Offshore Project.
- Commenced fabrication of two sensor tower platform topsides for the QatarEnergy LNG North Field Expansion Project (NFXP/NFE).
- Completed loading-out of subsea structures (mono ethylene glycol spools, risers and tie-in spools) for the QatarEnergy LNG North Field Expansion Project (NFXP/NFE).
- Achieved the milestone of 15 million work hours without a Lost Time Injury (LTI), reiterating the Company’s commitment to safety.
- Obtained ISO 17,020 Certification enabling QFAB to conduct in-house Non-Destructive Testing (NDT) inspection of welded structures, piping, and pipeline with associated appurtenances and material inspection.
Marine Services
- Nakilat Agency Company (NAC)
- Celebrated 19 years of operations, offering 24/7 agency services to over 70,000 vessels without any service failures and lost time incidents (LTI’s).
- Completed 7 years of strategic partnership with our largest chartering customer to provide global agency services across both load ports in Ras Laffan and over 50 destination port.
- Continued large contract wins in support of the North Field Expansion to support Qatar’s E&P industry and renewed several others on better terms to support our business strategy.
- Continued growth seen at Doha Heliport and Hamad port through the addition of targeted resources to support the development of maritime services in Qatar beyond the QatarEnergy managed ports of Ras Laffan and Mesaieed.
- Facilitated over 14,000 crew movements during the year (including medical attendance and ship-to-ship transfers) in support of Qatar’s hydrocarbon export logistics.
- NSW
- NSW accrued 17.55 million work exposure hours without incurring Loss Time Incidents (LTIs).
- Maintained high demand operation of 14,421 tug jobs in 2025to support QatarEnergy’s operations in Ras Laffan Port.
- Upholding high reliability standards by reaching 99.15% technical availability.
- Vessel Support Services (VSU)
- Around 2,291 orders of various types have been handled by VSU services at Ras Laffan for Nakilat-owned, joint-venture and third-party vessels.
- The number of clearance and delivery transactions in 2025 was 4,548, equalingan average of around 379 movements per month.
Sustainability at Nakilat
Nakilat and its joint ventures (JVs) are committed to Qatar National Vision 2030, which outlines the development of a sustainable future for the State of Qatar. As an organization, we conduct various safety and internal development programs to ensure the creation of a safe and reliable workforce, while our robust corporate social responsibility (CSR) framework aims to enrich the lives of local communities and preserve our natural environment.
Our sustainability commitment comprises several key elements, and among our highlights this year include:
Safety Excellence
Safety, Health, Environment and Quality (SHEQ) is top priority for us and we ensure to operate in a safe, reliable and efficient manner within our society and natural environment. The fundamentals of how we deliver safe and reliable operations remain our focus.
We believe that all incidents and injuries are preventable, hence we strive to create an Incident and Injury Free (IIF) environment both at the workplace and at home. Through significant investment in our people, processes, and equipment. Nakilat’s safety performance continues to be excellent and has led to the achievement of industry leading results in comparison to the benchmarked average of our peer group.
Nakilat’s safety performance has been resilient during 2025 at par with the industry performance; the incident rates remained within the set parameters of key performance indicators which was possible only through continuous focus, dedication and perseverance by management and employees who actively participated in implementing and improving the safety practices across all the facilities.
Crew Welfare
People remain the cornerstone of Nakilat’s operational excellence and long-term success. Crew welfare remains one of the Company’s highest priorities, with a strong emphasis on enhancing the human element as a path to sustainable growth.
Nakilat prioritizes direct engagement with its seafarers through its annual Fleet Officer Meetings (FOM) held in Doha twice yearly. These events facilitate in-person discussions on company vision, growth, and ongoing initiatives, ensuring alignment and addressing current challenges. Regular briefings for senior officers are done when passing through the office before joining the vessels, further reinforcing the importance of strong ship-shore interactions as a core organizational priority.
Nakilat has moved beyond the project expansion vision. This phase is now well underway. We are actively recruiting and cross-training officers from various vessel classes and markets to support our LNG fleet. Our training and development efforts are in full momentum, with tailored programs designed to upskill and integrate officers.
- Training programs have been comprehensively updated, includingthe introduction of a specialized leadership training program andtargeted courses for technical staff.
- Nakilatcontinues to review crew working hours and provide high-speed internet services, enabling seamless communication between crew members and their families and supporting a healthy work-life balance.
- In 2025, Nakilat made remarkable progress in the training and development of national seafarers. Many officers advanced to senior ranks, and we successfully enrolled national cadets into our structured development programs, further strengthening our pipeline of Qatari maritime talent.
Human Capital & Capability Development
Our commitment towards professional and personal development of our employees, continued to be a major focus during 2025. Nakilat continued to adopt a blended learning approach, with 87% of our training programs delivered in person and through e-learning, and 13% delivered virtually.
A total of 8,653 training hours were delivered by external specialists and internal subject matter experts, equipping our employees with essential skills and knowledge across the organization. Our Learning Academy served as a learning hub throughout 2025, providing Nakilat employees with access to over 22,000 courses and resources through e-learning modules and LinkedIn Learning programs. To enhance the overall user experience, significant improvements to the platform were successfully implemented during the year.
