Abu Dhabi Ship Building signs $27 million contract with SwedeShip
The Abu Dhabi Ship Building Company (ADSB) recently signed a 100 million Emirati Dirham ($27 million) contract with SwedeShip, providing for the joint construction of 12 amphibious vessels that will enter service with the United Arab Emirates (UAE) navy. Work is scheduled to begin immediately at ADSB’s shipyards in Abu Dhabi.
ADSB was set up in 1996 as a public joint stock company with an initial paid-in capital of Dh178 million ($48.5 million). Its shareholding structure underwent a change in March 2001 and the company is now owned 30 percent by the US’ Newport News Shipbuilding, 10 percent by France's Constructions Mecaniques de Normandie (CMN), 18.5 percent by Abu Dhabi National Oil Company (ADNOC) on behalf of the Abu Dhabi government, and 41.5 percent by UAE nationals.
ADSB's list of customers includes the UAE Navy and Coast Guards, Abu Dhabi National Oil Company (ADNOC) and its subsidiaries and local operators of tug boats, barges and offshore supply and support vessels. Over the past year, the company has implemented a $50 million expansion scheme to enhance its yard's shipbuilding and repair capabilities. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
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