DD world buys PUM

Dubai Drydocks World (DD World) will take over 70% of Singapore shipyard operator Pan-United Marine (PUM) in a deal valuing PUM at $424million. The deal marks DD World’s first international acquisition. Like DD World, PUM is involved in ship repair, ship building and conversion and is a major shipyard with facilities in both Singapore and Batam, Indonesia.

Geoff Taylor, CEO, DD World, said: “The acquisition of Pan-United Marine Limited, an established shipyard in Southeast Asia, is a strategic first step in taking the expertise of the DD World group companies to the international stage. The senior management of DD World intends to work closely with the senior management at Pan-United Marine Limited to ensure a smooth handover of the business.

We are also keen to safeguard continuity of operations. At this time, DD World does not envisage making major changes to the business, redeploying assets, or discontinuing the employment of any of PUM’s employees.”

Both PUM and Dubai Drydocks, a wholly owned subsidiary of DD World, have large skilled workforces supported by strong management teams and are well respected both regionally and internationally.

DD World comprises Dubai Drydocks and Jadaf Dubai Shipyard. Dubai Drydocks also operates Platinum Yachts FZCO and Platinum Yacht Managements LLC, which are focused on the luxury craft business.

All of these entities have aligned activities which involve ship repair, conversion and ship building. Dubai Drydocks is one of the largest and most comprehensive shipyard facilities in the Middle East providing a fully integrated range of marine-related services including ship repairs, ship conversions and specialized ship construction.