Drydocks World Southeast Asia News

Drydocks World LLC (DDW LLC) & Pacific Carriers Limited (PCL) a fully owned subsidiary of the Kuok (Singapore) Limited Group has announced that they have entered into a Shareholders Agreement in respect of the Drydocks World-Southeast Asia Pte. Limited (DDW SEA) Group. Under this agreement which was signed on September 26th 2012, PCL acquired & subscribed to 67% of the shareholding of DDW SEA. DDW SEA had recently completed a debt restructuring scheme in Singapore resulting in DDW SEA being a debt free company. DDW SEA will be renamed as DDW-PaxOcean Asia Pte Ltd (DDW-PaxOcean).

Background: On 27 June 2012, DDW announced that it had entered into a joint venture agreement with Pacific Carriers Limited ("PCL"), a wholly-owned subsidiary of Kuok (Singapore) Limited. The SEA Group would, following completion of the transaction, be managed as a joint venture between DDW and PCL and would be called DDW-PaxOcean Asia. Pte Ltd. Completion of this transaction was conditional on, amongst other things, the Schemes being approved by the Creditors. The creditors meeting duly approved the proposed schemes, commenting Khamis Juma Buamim, Chairman of Drydocks World and Maritime World said:  “I am pleased with this strong support and overwhelming commitment from our creditors to keep the company sustainable and poised for growth with all its great potentials.

Drydocks World - Southeast Asia Pte Limited, the Southeast Asian subsidiary of Drydocks World, announced that it has secured a newbuilding contract with Scottish Highlands International Inc., a subsidiary of Coastline Maritime Pte Ltd, to construct a 689-ft Ultra Large Multi-Purpose Offshore Construction Vessel. DDW-Sea operates four shipyards in Singapore and on Batam Island Indonesia providing offshore rig construction, volume shipbuilding and ship repair and conversion services. It currently has fourteen offshore supply vessels under construction. Its flagship building is OSA Sampson, the second of two Multi-Purpose Offshore Construction Vessels under construction at Drydocks World - Pertama shipyard for Coastline Maritime.

Drydocks World – Southeast Asia Pte. Limited (DDW-SEA), the Southeast Asian subsidiary of Drydocks World, announced the deliveries of vessels Endeavor, Greatship Ahalya, Mermaid Vision and Ark Dartmoor from their Drydocks World – Nanindah yard and Armada Tuah 104 from their Drydocks World – Pertama yard. The Endeavor, a fully pneumatic self discharge cement carrier designed by Shiptech Pte. Ltd. was delivered to Endeavor S.N.C., a subsidiary of Setaf Saget of France, a company of the Bourbon Group.

Drydocks World, the global maritime arm of Dubai World, announced the delivery of OSA Goliath, one of the world’s largest multi-purpose OCVs at its Drydocks World – Pertama yard on April 23. OSA Goliath is built for Coastline Maritime, a prominent Singapore-based group with a 30-year history of vessel ownership design, construction and operation. The vessel dimensions are 590.5 ft by 105 ft by 39.5 ft and 22,000 dwt. It is equipped with DP-3 and a 2,000-tonne crane to install offshore platforms and pipelines in deep waters.

Drydocks World, the global maritime arm of Dubai World, announced their participation in Sea Asia 2009, scheduled to take place in Singapore from the 21st to the 23rd of April 2009. Sea Asia 2009 will bring together top maritime professionals, which include Shipping CEOs and executives of over 350 international companies from 45 nations, showcasing the industry’s latest technology, products and services. Welch will be a guest speaker for the Shipbuilding and Ship Conversion session at the exhibition on the 22nd of April.