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ADSB announces Q3 results

Posted on 26/10/2004

Abu Dhabi Ship Building (ADSB) yesterday announced financial results for the third quarter of 2004 that showed a substantial increase of profitability for the current year. As of the quarter ending September 2004, year-to-date net profits increased to Dh 19.5 million. Total year-to-date sales revenues increased to Dh 274.9 million, reflecting a growth of more than 142% over the same period in 2003, according to a company statement. For the third quarter alone, the company achieved net ...  >>MORE

ADSB announces return to profits

Posted on 01/08/2004

Abu Dhabi Ship Building (ADSB) yesterday announced financial results for the second quarter of 2004 that show a substantial return to profitability for the current year. As of the quarter ending June 2004, year-to-date net profits increased to UAE Dirhams 9.69 million. Total year-to-date sales revenues increased to UAE Dirhams 159.36 million, reflecting a growth of more than 250% over the same period in 2003. For the second quarter alone, the company achieved net profits of UAE Dirhams ...  >>MORE

Dubai launches yacht project

Posted on 31/07/2004

Dubai International Capital has launched the Dubai Yachting project to position Dubai as a premier yachting destination. The project will include a state-of-the-art marina for yachts and will also involve the purchase of 50 yachts. The marina will come up on the last remaining in-city beaches of the Dh5.2 billion Jumeirah Beach Residence (JBR), according to dailies "The new project complements perfectly Dubai's Strategic Plan which has been created under the vision, guidance and leadership of ...  >>MORE

Dubai to launch mid-size shipbuilding

Posted on 17/07/2004

The Dubai Drydocks, the region's largest maritime services facility, plans to enter the mid-size shipbuilding business with an investment of Dh165 million, said its top official. It is also investing Dh367 million to upgrade some of the drydocks that will extend their lives to 40 years from the current 25 years. Geoff Taylor, chief executive, told Gulf News, "We are planning to enter the new building business for small and mid-sized tankers with an annual capacity of between one and two ...  >>MORE

ADSB signs three major contracts

Posted on 27/06/2004

Abu Dhabi Shipbuilding (ADSB) yesterday announced the signing of three new major contracts with the UAE Armed Forces. With a combined value approaching 180 million dirhams, these new contracts add to the growing backlog of naval work already underway at the unique local shipbuilding and repair company, As reported a few months ago, ADSB received a large (approximately 2 billion) Dirham award in late 2003 for the construction of four Baynunah Naval Corvettes. The first of these three new ...  >>MORE

RAK reduces customs tariff by 20 pc

Posted on 31/05/2004

Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, has issued a resolution reducing customs tariff at the Ras Al Doura border customs point by 20 per cent as of June 1,2004. Mohammed Abdullah Al Mehrazi, Director of the Emirate's Customs and Ports Department, said the resolution includes fees for customs and trade exchange services between Oman governorate of Mussandam and Ras Al Khaimah. 'It does not include customs tax,' he explained. (The Emirates News Agency, ...  >>MORE

ADSB restricts foreign ownership

Posted on 01/05/2004

Abu Dhabi: The UAE's biggest naval industries venture has decided to restrict foreign ownership of its shares but left the door open for strong companies that will support it financially and technologically. The Abu Dhabi Shipbuilding Co (ADSB), which had a large US stake before it was acquired by Abu Dhabi two years ago, took the decision at an extraordinary general assembly meeting last week. A company statement said the new decision meant that ADSB would remain fully owned by national ...  >>MORE

Abu Dhabi shipbuilder sees profits

Posted on 12/04/2004

Abu Dhabi Shipbuilding (ADSB) yesterday reported a net loss of Dh10.7 million for 2003 but expects to return to profitability this year on account of increased backlog. Equally, prospects from the UAE and GCC Navies, through new contracts, will impact the company's bottomline positively. In late December, ADSB signed the Baynunah contract to design and build four corvette class 70-metre vessels for the UAE Navy for nearly Dh2 billion. In the shipbuilding industry, a critical measure of the ...  >>MORE

Navy deal could put ADSB in the black

Posted on 10/04/2004

UAE's largest shipbuilding firm expects high profits over the next six years after signing a landmark deal with the Naval Forces for the supply of four corvettes. The Abu Dhabi Shipbuilding Co (ADSB), which has suffered from losses since it was established in 1995, said the Baynunah corvette contract that was signed in December has a value of Dh2 billion (US$545 million) and involves a firm order for the supply of four home-made corvettes to be designed by a French company. But it also ...  >>MORE

ADSB delivers dredger for Dubai firm

Posted on 29/03/2004

Abu Dhabi Ship Building (ADSB) has announced the completion and delivery of a Heavy Duty Cutter Suction Dredger, custom designed and built for the Dubai-based Gulf Cobla (L.L.C.). The unique, 60-metre vessel named the Khaleej Bay, is unlike any dredger currently operating in the Gulf region and was specially designed to withstand the harsh conditions in the Middle East. With its high-energy cutter, ADSB's new dredger provides dredging of sandy and rock composite seabed for the maintenance ...  >>MORE

Leisure submarines to be made in Dubai

Posted on 23/03/2004

Leading the way as usual, Dubai will soon become a manufacturing base for leisure submarines, a completely new product for the Gulf, according to marine officials. Leisure submarines – produced by the newly formed company, Palm Marine – are new marine products not only for the Gulf but also for many other regions. "We are going to manufacture some totally new and innovative marine products in Dubai that have never been manufactured in the world," said Herve Jean Pierre Jaubert, president of ...  >>MORE

Boat show concludes with sales worth over Dh36m

Posted on 21/03/2004

The Dubai International Boat Show which concluded yesterday at the Dubai International Marine Club, Mina Seyahi, was a grand success with over 92 boats in addition to 10 yachts being sold during the four-day event, according to organisers Dubai World Trade Centre. Reactions from across the show floor were positive, with both exhibitors and visitors expressing satisfaction from their participation at the show, which is by far the most comprehensive maritime exhibition of its kind in the greater ...  >>MORE

Marina growth spurs demand for boats

Posted on 15/03/2004

Buoyed by a spurt in marina growth in the UAE that is stimulating demand for new boats, organisers Dubai World Trade Centre (DWTC) announced a major expansion in the size of the Dubai International Boat Show 2004 that is scheduled to take place at the Dubai International Marine Club, Mina Seyahi, from March 17 to 20. "The series of new marina developments that are invariably underway in Dubai in particular and the region as a whole pre-empts the influx of larger boats in the water which has ...  >>MORE

Abu Dhabi Shipbuilding slashes losses in 2003

Posted on 16/02/2004

The UAE's largest shipbuilding firm said yesterday it slashed losses by more than half in 2003 and expected to make profits for years to come after signing a major navy deal. The Abu Dhabi Shipbuilding Co (ADSB), which was created by the UAE Offsets Group as a joint stock company in 1995, said its net losses were trimmed to Dh10.7 million (US$2.91 million) in 2003 from Dh26.64 million (US$7.25 million) in 2002. The sharp decline in loss followed a surge in operating income to Dh251.7million ...  >>MORE

ADSB to build 42 Assault Boats

Posted on 26/01/2004

Abu Dhabi Ship Building (ADSB) has been awarded two contracts to build a total of 42 Assault Boats to be used for protection of the UAE and Oman coastlines. The two contracts together are valued in excess of UAE Dirhams 15 million. In September 2003, ADSB delivered 24 of these 9.5-meter Assault Boats to the UAE Navy for service in the UAE Coast Guard. They were put into service immediately as part of the security network implemented by the UAE Government during the meeting of the ...  >>MORE

U.S. firm sells stake in UAE shipbuilder

Posted on 27/04/2003

U.S. firm Newport News Shipbuilding has sold its 30 per cent sake in loss-making Abu Dhabi Shipbuilding (ADS) for an undisclosed amount, an official at the Gulf Arab company said yesterday. ADS Chairman Abdullah Al Mansouri told the company's annual general meeting that the government of Abu Dhabi had bought the U.S. company's stake, raising its holding in the firm to 50 per cent. Newport News Shipbuilding was the main technical and strategic partner in ADS, which has assets worth a little ...  >>MORE

Abu Dhabi raises stake in shipbuilding firm

Posted on 22/04/2003

The Abu Dhabi Government has increased its stake in ADSB, having bought the 30 per cent equity held by Newport News Shipbuilding of the U.S. The government's equity thus increases to 50 per cent while the remaining 50 per cent is held by some 10,000 UAE nationals. "In late 2002, the board of directors approved and arranged for sale to the government of Abu Dhabi the remaining shares of the company owned by the original international technology partner, Newport News Shipbuilding," said Al ...  >>MORE

ADSB to sign Dh2b naval contract soon

Posted on 22/04/2003

Abu Dhabi Ship Building (ADSB) will soon be signing the estimated Dh2 billion Baynunah project contract to build six 70-metre naval Corvettes for the UAE Armed Forces, a top company official confirmed. The company has posted a net loss of Dh26.6 million for 2002 but expects the Baynunah project contract to dramatically lift revenues and profits this year. "In March, 2003, we were advised that all of our contract documents are now considered complete and acceptable to the UAE government and ...  >>MORE

Dubai Drydocks makes mark in shipbuilding

Posted on 06/03/2003

Dubai Drydocks will soon complete 22 vessels ranging from tugs, dredgers and diving support vessels. The yard has expanded into the newbuilding field, starting with the construction of a 15,000 tonne lift floating dock for its own use. Dubai Drydocks, marking its 20th anniversary in the ship repair industry, has repaired 3,580 vessels, totalling over 370 million tonnes deadweight. The yard annually repairs over 250 ships. The shipyard was designed during the tanker building boom of the late ...  >>MORE

ADSB commissions new facilities after expansion

Posted on 12/06/2002

A range of new facilities commissioned at Abu Dhabi Ship Building (ADSB), following the completion of a major expansion programme at its shipyard, was declared open by Chief of Staff of the UAE Armed Forces, Lt. Gen. Sheikh Mohammed bin Zayed Al Nahyan. The shipyard can now boast of a 2,000 ton shiplift capable of hauling 85-metre long vessels, two 38-metre high assembly halls with capacity to build four to six ships simultaneously, a 70-metre quay for operational testing of ships and an ...  >>MORE

ADSB eyes GCC Navy contracts

Posted on 30/04/2002

Abu Dhabi Ship Building Company (ADSB) is offering its capability of repairing, refitting, upgrading and building new naval vessels to more navies of the Gulf Cooperation Council (GCC) states after successfully completing high quality, value added contracts for the UAE, Qatari and Yemeni naval forces. ADSB, in co-operation with France's Constructions Mecaniques de Normandie (CMN), is bidding for a multi-million dollar contract of the Kuwait Navy involving the refit of two vessels and the ...  >>MORE

ADSB likely to win deal worth Dh2b

Posted on 20/04/2002

Abu Dhabi Ship Building Co (ADSB) is likely to win a Dh2 billion contract - its largest ever - from the UAE Armed Forces to build six naval vessels, a top company official has said. Equally important, ADSB has completed its first major repair work for the Qatar Navy and Yemen Navy, marking the company's first expansion into the regional military market. "We are in the final stages of discussions with the UAE Armed Forces regarding a major naval contract for the construction of six 70-metre ...  >>MORE

ADSB wins Dh100m contract

Posted on 23/01/2002

Public joint stock company Abu Dhabi Ship Building (ADSB) has announced it has won a contract of over Dh100 million from the UAE Armed Forces to build 12 naval amphibious transport boats for the UAE Navy. ADSB will team up with Swedish shipbuilding major SwedeShip for this project, called Ghannatha. Significantly, the company invested over Dh180 million in quadrupling its facilities and capabilities last year. The 25-metre long vessels will be used to transport combat troops at high speeds, ...  >>MORE

Abu Dhabi Ship Building signs contract for three new vessels

Posted on 06/11/2001

Abu Dhabi Ship Building (ADSB), a UAE public joint stock company, has announced the signing of a contract with the UAE Armed Forces for the construction of three Landing Craft. The new contract is valued in excess of Dh 40 million, according to a press release issued today by ADSB. The vessels have been locally designed and contain a number of special features to satisfy multiple mission requirements for the UAE Navy. The vessels will be 64 metres in length and will be capable of carrying ...  >>MORE

ADSB ties up with UK’s Halmatic

Posted on 10/07/2001

Abu Dhabi Shipbuilding ADSB has announced the signing of a strategic agreement with Halmatic Limited, UK. Under the agreement, ADSB and Halmatic will work together in the marketing and building of Halmatic-designed vessels throughout the Gulf region. Halmatic, a division of Vosper Thornycroft, is one of the leading designers and builders of vessels using glass reinforced plastic and advanced composite. ADSB in a statement said the range of Halmatic's vessels being considered for ...  >>MORE

ADSB wins UAE Navy contract

Posted on 25/03/2001

As the prime contractor and main shipbuilder, Abu Dhabi Ship Building Co, ADSB, will design and build six new naval vessels for the UAE Navy's Baynunah project, according to a company statement. The award of the contract was announced during IDEX last week. Contract details will be finalised during this year. The Baynunah design utilities a proven hull form that provides excellent speed, manoeuvrability and sea-keeping characteristics. Each Baynunah vessel will be about 60 metres in length and ...  >>MORE

ADSB installs shiplift, transfer system

Posted on 18/02/2001

The Abu Dhabi Ship Building Company, ADSB, commissioned today a new Syncrolift shiplift and transfer system in what has been seen as a major addition to the ADSB's capabilities, a company press release said today. ' The new system allows the lifting, building and repairing of vessels up to 2000 tons in weight and 85 meters in length. For ship repair activities, the company will also now be able to work on much larger vessels in three new 85 meters dry berths that were commissioned along the ...  >>MORE

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