Dubai: Drydocks World, a Dubai-owned company that fell deep into the red only a few years ago, is looking at two mega offshore projects at a time when it is focused on regional expansion.
“We’re continuously looking to grow regionally and in the UAE. Part of our philosophy is to continue the offshore drive and we see that … with regard to offshore structures and operation,” said Khamis Juma Bu Amim, Drydocks Chairman, on Thursday.
Bu Amim did not elaborate but confirmed the project will not be a vessel.
Drydocks came into significant financial trouble in 2011 when it defaulted on a $2.2 billion payment taken out on a 2008 finance. It had to go to the Dubai World Tribunal in 2012 to overturn a UK court decision to make payment on a portion of the debt and be able to restructure the entire debt over five years.
“Drydocks has had a very positive balance sheet over the past few years since 2011 onwards and has shown very positive return across the board,” Bu Amim said of the company that no longer releases its financials.
Drydocks, which also has assets in Asia including Singapore, insists that it is performing well and meeting its debt payments.
“We still remain high as last year and we are very positive,” Bu Amim said on the company’s first quarter.
On Thursday, Drydocks announced it is building the world’s first LNG-powered harbor tugboat. Earlier this year, Drydocks announced it will build mega Jack-up rig for the North Sea. Despite the number of projects coming online, Bu Amim said the company does not need to raise funds externally.
Despite buoyant assurances that the company has bounced back from 2011 there are no plans to open up the books.
“We’re doing well,” Bu Amim said, but “we don’t release that [financials] anymore. We’re not a public company. We’re privately owned so we don’t have to.”
Bu Amim also rejected any suggestion of an initial public offering (IPO). He said there was “no way” he would go to the market.
There has been speculation in 2014 that a number of Dubai government owned entities could go public and cash in on the emirate’s overall strong performance so far this year.
