Drydocks World Llc News

Dubai-based port and terminal operator DP World said that its gross volumes rose 4.8 percent to USD 35.6 billion s for the six months to 30 June 2018,  despite uncertainties in the container market. On a reported basis, revenue grew 14.4%.Revenue growth is supported by the volume growth across all three regions and the impact of new acquisitions including Drydocks World LLC (Drydocks), Dubai Maritime City (DMC) and Cosmos Agencia Marítima (CAM).Profit attributable to owners of the Company before separately disclosed items has dropped 2.1%on a reported basis but grew 5.2% on a like-for-like basis.DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem…

Viking Offshore & Marine Limited has announced it would participate in the ownership of a second cantilever drilling jack-up rig, further strengthening its partnership with Singapore rig veteran, Chan Kwan Bian as it accelerates its entry into mainstream offshore rig chartering. SGX Catalist-listed Viking said its wholly-owned Viking Asset Management Pte. Ltd. (VAM) will invest US$5.4 million to take a 30%-stake in Quick Booms Investments Limited (“QBI”), a special purpose vehicle controlled by Chan which has a contract with a yard to build the CJ46-X100-D GustoMSC designed for use in water depth up to 375 feet and can accommodate 120 men during operation.

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.

Following on from Drydocks World Dubai LLC and Drydocks World LLC (together the “Drydocks World - Dubai”) filing for Decree 57 on 1 April 2012, Drydocks World has confirmed that its restructuring remains on track for completion in Q3 2012. On 7 May, Drydocks World - Dubai adjourned its scheduled Directions Hearing to allow it and its syndicated facility lenders the additional short period of time required to finalise the complex suite of financial documentation necessary to support Company Voluntary Arrangement (“CVAs”) restructuring proposals.

Following on from Drydocks World Dubai LLC and Drydocks World LLC (together the “Drydocks World - Dubai”) filing for Decree 57 on 1 April 2012, Drydocks World has confirmed that its restructuring remains on track and has the support of its lenders to its restructuring proposals by Q3 2012. Although Drydocks World Dubai today notified its Creditors and members that it has requested an adjournment of the Decree 57 Directions Hearing scheduled to take place in the DIFC on the 7th May 2012 the adjournment will only lead to a short delay in the process.

Dubai - Drydocks World LLC (DDW) has been in dialogue with its core group of lenders since late 2011 to develop a proposal for the restructuring of its debt obligations under its $2.2 billion syndicated facility. With the support of its wider stakeholders, significant progress has been made over recent months in all aspects of the restructuring. As a result, DDW can today announce that it is confident that it will receive the support of a majority of its syndicated lenders to the terms of its debt restructuring. Consequently, on March 8, 2012, DDW will present the terms of its proposal and the steps required to implement it, along with the associated timeline to all its syndicated lenders.

Dubai Drydocks World LLC (DD World), the recently-launched maritime holding company, and a member of Dubai World, announced its first major overseas acquisition by making a voluntary conditional cash offer for Pan-United Marine Limited (PUM) of Singapore. PUM is a major shipyard with facilities in both Singapore and Batam, Indonesia. DD World made a voluntary conditional cash offer for all the issued and paid-up ordinary shares of PUM and has received irrevocable undertakings from the controlling shareholders of PUM to accept the Offer from DD World in respect of 70 per cent of all the shares in PUM in the aggregate. Like DD World, PUM is involved in ship repair, ship building and conversions.