Saying that the number of vessels that can be repaired at the drydock
will be limited in the initial months, the official noted that the yard could handle up to 120-130 vessels in a year once it stabilises operation.
World borrowed $2.2 billion to finance two acquisitions in Singapore in 2008 to gain ships and Asian shipbuilding sites.
On Saturday, Drydocks
said it had secured the necessary level of support from its syndicated lenders to implement its restructuring.
Hamed Bin Lahej, Executive Vice Chairman and Regional CEO MENA, Drydocks
World said, "The visit by Crown Prince Haakon and the other Norwegian leaders was an important occasion for us.
This project confirms Drydocks
World's position as a leader in turret fabrication, strengthening the company's position as one of the few worldwide specialists capable of delivering such large-scale projects," it said.
Dubai -- Drydocks
World and Maritime World the international service provider to the shipping, offshore, oil, gas and energy sectors have won the excellence award given by the International Maritime Club at the Golden Bells Awards 2015-Middle East where the group has received an award in the Best Creative Branding category for the BorWin 3 video which has creatively and professionally displayed the pioneering mega structure BorWin by Drydocks
World group, and another award in Best Maritime Conference category in recognition of the outstanding establishment of the "2nd Mare Forum Dubai 2015" the Dubai Global Summit of Marine and Maritime Leaders.
The concept, known as the 'Water Discus Hotel', has been developed by Drydocks
World alongside Poland's Deep Ocean Technology and Big Invest.
Following on from Drydocks
World's formal launch of its restructuring proposal at its all lender meeting in Dubai on 8 March 2012, Drydocks
World (DDW) has signed a lock-up agreement, which aims to formally secure its lenders' support.
Summary: A US-based hedge fund said it has won a $72 million legal claim against Dubai's Drydocks
World for defaulting on a loan, putting the ship builder's $2.2 billion debt restructuring in further trouble.
A new board of directors has been appointed to Drydocks
World, the shipbuilding unit of Dubai World.
World, a leading provider of maritime and offshore services to the shipping, oil, gas and energy sectors, revealed that it won the "Rig Repair Yard of the Year Award" recent at the 3rd Offshore Achievement Award 2017.