JUNE 27, 2012 — Khamis Juma Buamim, Chairman of Dubai, UAE, headquarted Drydocks World is to also serve as the Chairman of the Board of DDW-PaxOcean Asia. The new entity is to be formed as a result of an agreement between Drydocks World and the Kuok Group to form a joint venture between Drydocks World - Southeast Asia (DDW-SEA) and Kuok Singapore's Pacific Carriers Limited. 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.
Pacific Carriers is a major operator of bulk carriers whose fleet also includes chemical and products tanker plus OSV's. It also has two shipyards in China.
Drydocks World says the new JV is to be renamed DDW-PaxOcean Asia Pte Ltd and will continue to have its headquarters in Singapore.
Mr. Buamim says, "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 organizations 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."
Pacific Carriers Chairman Teo Joo Kim said: "We are delighted to have Drydocks World as a joint venture partner. 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."
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.