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SINGAPORE : Drydocks World has set up its Southeast Asian headquarters in Singapore as part of its current focus on the region.
For now, Drydocks World Southeast Asia will focus mainly on consolidating its four shipyards in the region, which includes its recent purchases Labroy Marine and Pan-United Marine.
However, it said it has plans for further acquisitions in the region.
Drydocks World Southeast Asia's HQ in southern Singapore will just be a short ferry ride away from the company's shipyard in the Indonesian island of Batam.
The company said it is important to be here, where it will be nearer other potential businesses in the region, compared to its head office in Dubai.
Geoff Taylor, CEO, Drydocks World, said: "We're very aware that Southeast Asia is a very important area for shipbuilding and repair. It's why it became one of our targets when we moved out of the Middle East."
Drydocks World is optimistic that business will be robust for the next five to eight years at least, as high oil prices make offshore exploration and development attractive.
It also noted that the majority of offshore fleets, at 25 years old or more, are ageing and will require replacing.
And this bullish take on the market has led it to put down some US$1.6 billion in October last year for Labroy Marine, and another US$424 million for Pan-United Marine.
However, while it would like to continue on its aggressive acquisition path, Drydocks World said it will spend the next year focusing on its four shipyards instead.
Mr Taylor said: "We've got four shipyards here and they are going to take the bulk of our attention in the next 12 months. So while we are still looking both regionally and internationally for other opportunities, the immediate plans are for consolidation of those businesses."
However, the company still has its eye on expansion in countries along the oil routes, like South America and India.
Mr Taylor added: "We're having some cautious discussions with someone to set up a small operation in China. It is fairly early so I do not think it is appropriate to talk too much about that." - CNA/ms
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