CEO Message
In parallel, Nakilat commenced the construction of six additional vessels at HD Hyundai Samho Heavy Industries (HSHI) Shipyard in South Korea, including two LNG carriers and four LPG/ammonia vessels, all of which will be owned by Nakilat. Keel-laying for three LNG vessels at Korean shipyards was successfully completed this year, marking important progress in our fleet expansion program. These milestones highlight the transition of our LNG fleet growth plan from strategy to execution, with the first vessel from this program expected for delivery by the end of 2026.
Nakilat’s operational performance reflects the dedication and professionalism of our team. We maintained an exceptional level of efficiency, achieving an operational reliability rate of 99.6%, while upholding the highest standards of safety. Our commitment to service excellence is further demonstrated by a high customer satisfaction rate of 95.3%, and the safe completion of the 700th Ship-to-Ship (STS) transfer of FSRU Exquisite highlights our ongoing focus on operational proficiency and reliability across our global operations.
In 2025, Nakilat’s leadership in sustainability and industry excellence was further reinforced. The Company was recognized among Forbes Middle East’s “Sustainability Leaders 2025” in the maritime transport and logistics sector and conducted an assessment of emissions across its value chain, positioning Nakilat as a pioneer company in Qatar to adopt this approach. Nakilat was also included once again in the Top 100 Listed Companies in the Middle East, underlining its continued prominence in the region’s maritime and energy logistics industry.
Nakilat’s financial performance in 2025 reflects the Company’s resilience and focus on sustainable growth. We achieved a net profit of QAR 1.69 billion, marking an increase compared to 2024, driven by operational efficiency, disciplined cost management, and the successful execution of strategic initiatives. These results underscore Nakilat’s ability to deliver strong and stable financial returns while advancing its long-term growth strategy.
Throughout this period of growth, our Customer Centricity Vision has continued to guide our actions. We remain committed to exceeding customer expectations at every touchpoint, ensuring that our expansion is complemented by the highest standards of excellence and underpinned by effective governance and performance assurance.
The achievements of 2025 reflect the dedication, expertise, and commitment of the entire Nakilat team. I extend my gratitude to all colleagues, partners, and shareholders for their continued support and collaboration.
As we look ahead to 2026 and beyond, I am confident in Nakilat’s trajectory. We will deliver the first of our new builds, further embed safety and sustainability in our operations, and continue to grow with our customers. Despite the evolving regulatory landscape and operational pressures faced by our industry, Nakilat is well prepared to respond with agility and resilience. Together, we will build the next chapter of Nakilat’s legacy, one defined by leadership, innovation, and responsible growth.
Eng. Abdullah Al-Sulaiti
Chief Executive Officer
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.
