DUBAI, UAE -- Drydocks World has entered into a shareholders agreement with Pacific Carriers Ltd (PCL) concerning Drydocks World-Southeast Asia (DDW SEA).
The agreement gives PCL, the shipping division of the Kuok Group, 67% of the shares in DDW SEA, which recently completed a debt restructuring scheme in Singapore in order to become debt-free.
DDW SEA, to be renamed DDW-PaxOcean Asia, will comprise a shipyard in Singapore, three shipyards in Batam, and a shipping division managed by a newly assembled management team.
Kuok Group already operates shipyards in Zhuhai and Zhoushan, China. The former specializes in construction of offshore vessels while Zhoushan is equipped with two large docks capable of accommodating the largest VLOCs and semisubmersibles.
Its new partner-owners plan to focus on building jackup drilling rigs, semisubmersibles, FPSO/FSRUs, and other marine vessels, plus repairs and conversions.
Over the next few months the new management team will look at measures to revitalize and build up the Singapore and Batam shipyards.