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Marine Log

May 29, 2007

Dubai Drydocks World takes control of Singapore's Pan-United Marine

Dubai Drydocks World LLC (DD World), yesterday announced its first major overseas acquisition by making a voluntary conditional cash offer for Pan-United Marine Limited (PUM) of Singapore.

DD World is a recently-launched maritime holding company that is a member of Dubai World (which includes port operator DP World). Dubai World is a holding company that manages and supervises a portfolio of businesses and projects for the Dubai Government

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. It says it has received irrevocable undertakings from the controlling shareholders of PUM to accept its offer in respect of 70 percent of all the shares in PUM in the aggregate.

Welcoming the acquisition, Sultan Ahmed Bin Sulayem, Chairman, Dubai World, said: "Acquiring a controlling stake in Pan-United Marine Limited is integral to our investment strategy for Asia. Maritime services are part of our Group's core business profile and it is our aim to position Dubai Drydocks World as a dominant player in the international market."

Geoff Taylor, CEO, DD World, said: "The acquisition of Pan-United Marine Limited, an established shipyard in Southeast Asia, is a strategic first step in taking the expertise of the DD World group companies to the international stage. The senior management of DD World intends to work closely with the senior management at Pan-United Marine Limited to ensure a smooth handover of the business. We are also keen to safeguard continuity of operations. At this time, DD World does not envisage making major changes to the business, redeploying assets, or discontinuing the employment of any of PUM's employees."

DD World comprises Dubai Drydocks and Jadaf Dubai Shipyard. Dubai Drydocks also operates Platinum Yachts FZCO and Platinum Yacht Managements LLC, which are focused on the luxury craft business.

Dubai Drydocks is one of the largest and most comprehensive shipyard facilities in the Middle East providing a range of marine-related services including ship repairs, ship conversions and specialized ship construction.