Drydocks World buys Singapore firm

Dubai Drydocks World bought Singapore shipbuilder Labroy Marine for $1.63 billion as the company pursues shipyard acquisitions abroad.

It will be the company's second acquisition of a big Singaporean marine construction and engineering firm within months. Drydocks World, part of Dubai World, said it has received irrevocable undertakings from holders of 65.49 per cent of Labroy shares. The $1.63 billion offer represents a premium of 3.4 per cent over Labroy's closing share price on Friday. The Singaporean firm is involved in ship repair, shipbuilding and construction of offshore rigs for use in the oil and gas industry. It has two full-service shipyards in Batam, an Indonesia island near Singapore, and a fleet of vessels.

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