Drydocks World announced that it has entered into a global strategic alliance with Kuok Group to form a Joint Venture between Drydocks World – SEA and Pacific Carriers Limited.
The new venture will subsequently be renamed DDW-PaxOcean Asia Pte Ltd and will continue to have its headquarters in Singapore. Khamis Juma Buamim, Chairman of Drydocks World and Maritime World, will also serve as the Chairman of the Board of DDW-PaxOcean Asia.
Mr. Buamim said, “We are committed to this partnership with Kuok and its subsidiaries, which has a long-standing reputation in the shipping industry. Our clients can now benefit from the combined strengths of both our organisations and a broadened global reach within the maritime industry. It is indeed a historic agreement that is totally aligned with our strategic direction and the potential for future business growth is huge.”
“We are delighted to have Drydocks World as a joint venture partner,” said Pacific Carriers Chairman Teo Joo Kim. “With Pacific Carrier Group’s fleet of vessels and Kuok Group’s two shipyards in China coupled with the shipyard facilities and expertise of the joint venture and Drydocks World, I see marvelous opportunity to create value for the benefit of the respective parties.”
All parties will work together to grow DDW-PaxOcean Asia into a leading yard in the region. The two partners will also collaborate on cross-promotional activities and other strategic initiatives within the offshore and marine industry.
DDW-SEA currently operates four shipyards in Southeast Asia - the Tuas shipyard in Singapore, and the Graha, Nanindah and Pertama shipyards located in Batam, Indonesia. Activities at the shipyards include offshore, shipbuilding, repair and conversion. In addition, DDW-SEA also has a shipping fleet of over 130 vessels.
The Agreement is subject to closing conditions, including the completion of the integration process, and is expected to be completed in the third quarter of 2012.