Dubai Drydocks picks up work from Bahrain uprisings

State-backed company expects to complete a $2.2bn loan restructuring by April
Dubai Drydocks picks up work from Bahrain uprisings
DDW, a unit of state-backed conglomerate Dubai World, said earlier this month it expects to complete the restructuring of a $2.2bn loan by April 30
By Staff writer
Mon 28 Mar 2011 02:37 PM

Dubai’s Drydocks World is getting more work from clients who
are not sending ships for maintenance work in Bahrain because of the unrest
there, its chairman Monday.

“No doubt there are different scopes and areas of things
that started to occur,” Khamis Jumaa Buamin said in Dubai, replying to a
question about the impact of the unrest in Bahrain where the Arab Shipbuilding
and Repair Yard Co is located.

“We had a few of our customers who requested we take their
ships, different kind of ships” than those that they usually service in Dubai.”

DDW, a unit of state-backed conglomerate Dubai World, said
earlier this month it expects to complete the restructuring of a $2.2bn loan by
April 30.

Dubai Drydocks signed a $2.2bn loan involving 15 lenders in
October 2008. The company has a $1.7bn loan maturing in November 2011.

The company said in March it had not requested financial
report from Dubai.

*With agencies

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