Dubai shipwright Drydocks World sets up Kuok joint venture in Asia


AP

DUBAI — Dubai’s indebted shipbuilder Drydocks World says it is setting up a joint venture for its Asian operations with Singapore’s Kuok Group.

The companies signed the agreement Wednesday in Dubai. The new company will be named DDW-PaxOcean Asia and be based in Singapore.

Financial terms were not disclosed. Company executives declined to say how much of a stake Kuok would have in the venture.

Drydocks is in the process of restructuring US$2.2 billion in debt. It expects the Asia deal to close in the third quarter.