Pacific Carriers takes 67% stake in Drydocks World SEA

DDW SEA signing ceremonyOCTOBER 2, 2012 — Drydocks World LLC (DDW LLC) and Pacific Carriers Limited (PCL) have signed an agreement that gives Pacific Carriers a 67 percent shareholding in Drydocks World-Southeast Asia Pte. Limited (DDW SEA).Group. This follows completion of a restructuring from which DDW SEA has emerged as a debt free company.

DDW SEA will be renamed as DDW-PaxOcean Asia Pte Ltd (DDW-PaxOcean). Pacific Carriers will take effective lead in providing management oversight of DDW-PaxOcean Group.

DDW-PaxOcean has a new Board of Directors, chaired by Khamis Juma Buamim, Chairman of Drydocks World & Maritime World.

Day to day operational management of DDW-PaxOcean, comprising a shipyard in Singapore, three shipyards in Batam and a shipping division will be managed by a newly assembled management team. PCL is the shipping arm of the Kuok Group, which also operates two shipyards in China; in Zhuhai and Zhoushan. The Zhuhai yard specializes in the construction of offshore vessels while the Zhoushan yard is equipped with two large docks capable of accommodating the largest ultra size container vessels, VLOCs and semi-submersibles.

"The strong legacy brought by both partners will enable DDW-PaxOcean, to build and deliver jack-up rigs, semi submersibles, FPSO/FSRU and other sophisticated marine vessels, including repairs and conversions," says a statement issued today. "The partnership will also result in combined shipyard facilities with wide ranging capabilities, and a geographical coverage from the Middle East to East Asia, spanning the Indian and Pacific Oceans."
 
"Over the next few months the newly constituted management team of DDW-PaxOcean will embark on measures to revitalize and build up both the DDW-PaxOcean shipyard business, comprising the Singapore and Batam shipyards, and the shipping business, as we prepare to meet the challenges ahead," says the statement.

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