Port Security Conference

April 27 2003

Abu Dhabi seeks new partner for yard
Chairman Abdullah Al Mansouri told the annual general meeting ofAbu Dhabi Shipbuilding (ADS), that the government of Abu Dhabi Shipbuilding (ADS) will not retain the 30% stake in the yard previousl;y held by Northrop Grumman's Newport News Shipbuilding unit .

Newport News Shipbuilding was the main technical and strategic partner in ADS, notes Gulf News. Now the Government, which currently owns 50% of the yard, will seek another partner with shipbuilding related expertise.

ADS made a loss of Dh26.6 million ($7.2 million) in 2002 compared to a Dh9.1 million profit a year earlier. ADS officials said the losses were incurred when the yard embarked on an expansion plan in 2001 after winning a contract to build six warships for the United Arab Emirates. The project was subsequently delayed but Gulf News reports Mansouri as saying it was still on track. "We have a list of about 20 orders and we are also seeking ship maintenance contracts in Oman and Qatar," he said.

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