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Marine Log

July 20, 2008

BVT Surface Fleet and ADSB plan joint venture

BVT Surface Fleet Ltd. of the U.K. is to form a joint venture with Abu Dhabi Ship Building (ADSB) to provide a complete range of support services to navies and security organizations in the six Arab nation Gulf Cooperation Council (GCC).

It will be the first joint venture of its kind in the region, teaming a locally-based, world class, naval shipbuilding company with one of the world's leading providers of through-life naval support services.

BVT Surface Fleet Ltd. itself is a joint venture formed by BAE Systems (55 percent) and VT Group (45 percent) on July 1, 2008

The new joint venture with ADSB is to be established in Abu Dhabi in 2009.

It will offer a range of naval support services across the full spectrum of integrated logistics support and training as well as outsourcing solutions for base facilities to support the marine fleets of navies, coast guards, marine police, homeland security organizations, special forces and other key commercial customers; not only in the UAE, but to the whole of the GCC region.

Abu Dhabi Ship Building Board Chairman Abdulla Nasser bin Huwaileel Al Mansouri said that through the joint venture ADSB will be able to increase the level of support for clients, allowing them to focus their efforts on the important duty of protecting the UAE and the GCC countries.

ADSB's CEO William Saltzer said the "joint venture will have the local presence, capability and experience to bring a whole new level of naval fleet support to the region. Our aim is to help our GCC customers achieve both greater operational availability of their fleets and cost savings at the same time."

"Military vessels and the equipment carried on board are complex and sophisticated requiring a high degree of support. Today's realities demand their utmost availability. This joint venture is aimed at offering military and para-military clients a local provider of total naval support services to maintain their vessels, maximize availability and to run their non-core base activities and facilities economically to support their fleets."

Sir John Parker, Non-Executive Chairman of BVT, said "BVT is already an important strategic naval through-life partner for the U.K. Ministry of Defence and a number of other navies around the world. Combining this expertise with ADSB's first class facilities, experience and regional knowledge will establish a world-class provider of naval support services for customers in the Gulf region".

BVT Chief Executive, Alan Johnston CBE, said "This is a significant strategic move for BVT and, once formed, the Joint Venture will greatly enhance our customer base and global footprint."

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