Drydocks World gets $200m loan

Dubai-based Drydocks World (DDW), a subsidiary of conglomerate Dubai World, said on Saturday that it had obtained $200 million (Dh734 million) as additional working capital from its existing seven lenders.
The company, however, didn’t disclose the name of the banks for the loan. The facility is available until 30 April 2011.

The loan will be used to refund guarantees and performance bonds to trading counterparties in relation to new and existing contracts, Dry Docks World was quoted in a press release distributed on Saturday by the Dubai Government Media Office.

Khamis Juma Buamim, Chairman of the board of Drydocks World and Maritime World, said: "This facility is an important demonstration of the ongoing support for Dry Dock World from our key banks. It will enable the company to continue to provide high quality services to its customers from its yards in Dubai, Singapore and Indonesia."

DDW is about to enter into discussions with representatives of its lenders to amend the terms of its core syndicated debt facility as well as for the provision of new long term working capital facilities. This process is likely to be concluded in the coming months.

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