Dubai Drydocks World Eyes Asia Expansion

Thursday, January 10, 2008
Dubai Drydocks World, the shipbuilding arm of state investor Dubai World, is eyeing yards in China, India and Vietnam, to expand capacity in the hot business of rig building with oil at records near $100 a barrel. Chief executive Geoff Taylor told Reuters on Thursday that the company was part of a joint venture which is in advanced talks to buy a small unlisted shipyard in China's Jiangsu province along the Yangtze River delta.

Taylor said the deal was likely to cost Drydock World a total of $55 million. After the acquisition, likely to be completed in the next few weeks, the company plans to inject more cash to turn the yard into a larger shipbuilding and repair facility, he said. The firm moved for its first acquisitions abroad last year, paying about $424 million in May for Singapore shipbuilder Pan-United Marine, and $1.6 billion in October to buy the city-state's offshore oil-rig builder Labroy Marine.

With Drydocks yard at home running at virtually full capacity and little land left for further expansion, Taylor said the purchases in Southeast Asia were aimed at securing scarce docking space and beefing up offshore oil-rig building capacity. Currently it builds Ultra Large Crude Carriers, converts tankers into floating production vessels and builds floating offshore rigs to explore and drill for oil. Its parent, Dubai World, has long been on a global shopping spree, snapping up huge stakes in ports, airlines, office buildings and casinos, mostly in the developed world. . Source: Reuters

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Hanjin Shipping May Get OK for Restructuring

South Korea’s largest container operator by capacity Hanjin Shipping's creditors are expected to approve a corporate rehabilitation program for the struggling container line,

Allcargo Groups Subsidiaries as ECU Worldwide

ECU Line, Econocaribe and China Consolidators undergoes rebranding to build a Global Brand Connect   India’s integrated logistics solution provider Allcargo Logistics

Damen Opens US Office

Damen Shipyards Group has announced the opening of a new branch office in Houston, Texas. This expansion, under the name of Damen North America, meets the increasing

Shipbuilding

US Tests World's Largest Unmanned Sub Hunter

The US military is beginning testing on the world's largest unmanned ship - a self-driving 40-metre vessel designed to travel thousands of kilometres out at sea without a single crew member on board.

Partners Tap Standardization to Trim Newbuild Costs

Unfamiliar specifications and processes often result in rework, delays and misunderstandings, and are adding thousands of engineering hours to the design and construction

Damen Opens US Office

Damen Shipyards Group has announced the opening of a new branch office in Houston, Texas. This expansion, under the name of Damen North America, meets the increasing

 
 
Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0905 sec (11 req/sec)