Drydocks World aims major expansion in South-East Asia

The visit was part of an inspection and review tour to evaluate the progress achieved by these shipyards and to study the prospects of expanding Drydocks World SE Asia's operations in the region.

Mr. Bin Sulayem was accompanied by senior officials of Drydocks World as well as a team of journalists from the UAE.

Mr. Bin Sulayem expressed happiness that the shipyards in the region marked considerable success in operations in a short period of time since the group acquired them in 2007.

"These acquisitions in South-East Asia have enabled us to reach out to our customers in the region. We concentrate on regions with the biggest potential for growth and expand our business in areas where our customers need us. They are happy with the quality of services we provide."

he told the accompanying media persons.

"More than one year has passed since the acquisition of these ship yards, and I am pleased to see that our achievements in this short time have been impressive. Our yards are now completely booked for the next two years and we achieved revenue of $1.5bn in one year. Our shipyards now have the capacity to build a wide range of vessels and oil rigs."

Mr. Bin Sulayem added.

Speaking about the future, Mr. Geoff Taylor, CEO Drydocks World, who accompanied Mr. Bin Sulayem on the inspection tour, said:

"This is only the beginning of Drydocks World's international operations. Our next step is China. We are all set to acquire a 60 per cent stakes in a moderately sized shipyard in China and have plans for projects in Vietnam, Thailand and India. We are considering Latin America too. It is not a challenge to compete within your own region; the real challenge is to go global."

Drydocks World - SE Asia was formed in March 2008 to manage the shipyards Drydocks World acquired in Asia, primarily in Singapore and Batam Island in Indonesia, which is 20 kilometres south of Singapore.

It now operates four yards acquired after signing deals to buy Pan-United Marine and Labroy Marine in July 2007.

These shipyards are engaged in ship and rig building, conversion and ship repair supported by 29 building berths, 8 floating docks up to Panamax size and several kilometers of repair quays.

The operations, which collectively employ a workforce of around 20,000 people, are strategically located at the centre of some of the busiest seaways in the world and close to rapidly expanding offshore oil and gas developments.