Drydocks SE Asia eyes $800m in 2010 revenue
Singapore, April 14, 2010
Ship and rig builder Drydocks World is aiming to generate $800 million worth of sales from Southeast Asia this year, steady from 2009 as the offshore marine industry stabilises after the financial crisis, said a top executive.
Denis Welch, chief executive for the Southeast Asian operation of Dubai World's
shipyard business, said the company is close to securing two deals with total value of more than $150 million later this month.
He told Reuters he was optimistic about the outlook of the sector, although limited bank financing available after the financial crisis was a factor holding back new orders.
"If you look at the world's rigs and supply vessels, over half of them are over 20 years old and there has to be a replacement programme that comes into effect," Welch said in an interview from his office at Singapore's harbourfront.
Dubai's government in March unveiled a $9.5 billion support plan for its flagship conglomerate Dubai World. Dubai World has said that Drydocks is not included in the restructuring programme. – Reuters
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