Shipyard operator looks to oil and gas industry for growth
Dubai-based Drydocks World is looking to reposition itself by launching a new offshore services division.
The firm, which concluded the restructuring of $2.2bn-worth of debt in mid-2012, is targeting the offshore services sector, as well as the oil and gas industry as a means of generating new revenue.
Through its new global offshore services unit, DryDocks World will provide technical teams to service vessels at various offshore locations across the world.
The unit will provide a 24-hour service, seven days a week, and will be able to repair and carry out general maintenance needs of vessels, rigs and yacht owners at offshore locations and as vessels travel from one country to another.
With market conditions continuing to be tough in the global shipping industry, shipowners are keen to reduce the amount of time their ships stay in the shipyard for repairs. Providing offshore services means shipowners can keep their vessels in transit and conduct the required maintenance work as the same time.
Speaking at a press conference in Dubai, Khamis Juma Buamim, chairman of Drydocks and Maritime World, said: “If our clients want us to serve them on the eastern tip of Africa, we will do it.”
“Most clients, especially those in Europe, would like the service rendered in Africa, and would be more than happy to spend the extra dollars to get our services during the voyage as there are not that many service stations in that area,” he added.
Buamim estimates that the new offshore services unit could generate $30mn in potential revenue this year. “We already have the connectivity, the know-how and the clients,” he said.
Buamim said that the oil and gas industry offers many growth opportunities for DryDocks World, particularly in supporting companies exploiting newly discovered gas deposits, such as those in the Mediterranean.
However, Buamim adds: “We will not forget our repairs and maintenance sector – that is our bread and butter [business]”.
The offshore services division will be supported by a newly opened workshop in Fujairah, as well as the main workshop in Dubai.
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