Drydocks World inks shareholders agreement with Pacific Carriers

Drydocks World and Pacific Carriers have entered into an agreement for the latter to purchase 67% of the shares in Drydocks World-Southeast Asia (DDW SEA), Seatrade Asia online reports.

DDW SEA had recently completed a debt restructuring scheme in Singapore resulting it being a debt free company. Following the investment by Pacific Carriers, wholly owned by Kuok (Singapore) Limited Group, DDW SEA will be renamed DDW-PaxOcean Asia.

The day-to-day operational management of DDW-PaxOcean, comprising a shipyard in Singapore, three yards in Batam and a shipping division will be managed by a newly assembled management team.

DDW-PaxOcean will build and deliver jack-up rigs, semi-submersibles, FPSO/FSRU and other sophisticated marine vessels, including repairs and conversions.