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Wed 7 Nov 2007 01:22 PM

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Drydocks World restructures to cope with expansion

Group strategy amalgamates repair, conversion and new building activities.

Drydocks World, a subsidiary of Dubai World, has completed the setting up of a new group under its umbrella. Following rapid expansion this year, including the company's first international ventures, the regional giant has emerged as a powerful force on the global ship repair, conversion, and new building stage.

Group CEO Geoff Taylor said Drydocks World will monitor and control finance, HR and other common functions in group companies. Those in the group include Drydocks World Dubai, - an amalgamation of Dubai Drydocks and Jadaf, Drydocks World Singapore, (formerly Pan United Marine), Drydocks World Batam, a green field development in Indonesia, and the Platinum Yachts FZ and Platinum Yacht management company.

Drydocks World Dubai is the complete amalgamation of Jadaf Shipyard and Dubai Drydocks. Jadaf has always served the smaller vessel owners and workboat sector, whilst Dubai Drydocks, with the largest repair docks in the world, have focused on the upper end of the market.

"The huge investment in Drydocks World Dubai, which now boasts three graving docks, two floating docks, a 120 metre load in / out hydra lift, a 3000 and 6000 tonne shiplift, 44 dry berths, three of which are covered for mega yacht building and repair, a 700 tonne yacht lifter will further establish Dubai as a major maritime hub," explained Hamed Bin Lahej, COO of Drydocks World.

"This ship repair, conversion and new building group will be able to service vessels of any shape or size from VLCC and offshore structures, right down to water taxis and privately owned pleasure craft," he added.

Platinum Yachts, established in 2002, is responsible for the completion of the 163 metre mega yacht MY Dubai and is currently engaged in two further mega yacht projects and a number of repair and refitting contracts. Once the company is moved to new purpose built premises within Dubai Maritime City, they will be completing two 80-metre yachts, the hulls of which will be constructed in the Drydocks World Dubai Ship building yard.

Platinum Yacht management has said it will be focused on attracting business from the increasing number of residents and visitors who will need yacht support services in this region. These services would include, but not be limited to, berths, insurance, stores and technical support through other group companies. With the increasing number of luxury water front developments, a growth in urban population and the ideal conditions for winter cruising in the Gulf, it is obvious that this business has huge potential.

Drydocks World Singapore, the most recent acquisition for the group, currently has a full order book for offshore supply, and similar vessels, through to 2012.

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