Dubai: Drydocks World expects to win contracts worth $350 million (Dh1.28 billion) after a debt reorganisation agreement with lenders is completed, its chairman said.
"We have presently a number of letters of intent," Khamis Juma Bu Amim said in an interview in Dubai yesterday. Clients have told the company that, once the debt reorganisation is complete, the letters can be activated and they are mainly for "quite lucrative" projects, he said. "We are looking at an additional potential of $300 million to $350 million."
Drydocks World has proposed repaying creditors over five years as part of a plan it submitted on March 8. The company says it expects to complete restructuring in July.
So far this year, Drydocks has won $300 million of contracts in Dubai for building and converting ships and is making "$30 million to $35 million a month" from its repair side, Bu Amim said.
