RPT-Dubai's Drydocks World Signs $730 Mln North Sea Rig Deal

European Opportunities

Drydocks World's earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached around $110 million in 2013, around the same as in 2012. For 2014 and 2015, the level would be better, he said without offering specifics.

Drydocks sees opportunities in the oil and gas and renewables sectors in Europe, with wind power in Germany an area of particular interest.

It was also looking to maximise opportunities closer to home, with Dubai providing between $20 million and $30 million of revenue a month, and from across the Gulf, if economic sanctions on Iran are lifted under a rapprochement with the West.

"Our business with Iran never closed totally but we are looking forward to seeing positive things turn out of the political situation. It has a lot of potential and we hope to be their first choice," Buamim said.

However, he was less keen on Turkey, in part because of recent political turmoil.

"At one stage, there were discussions with some partners in Turkey but, unfortunately, the situation doesn't warrant that," Buamim said, noting: "It's the economic side, the potential risk and because our partners who we were talking to didn't satisfy us enough."


12

View Full Article

WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Most Popular Articles