PUM to boost Dubai Drydocks World's global strength

SINGAPORE, July 12, 2007: Dubai Drydocks World, the global maritime arm of Dubai World, has, as of 10 July 2007, received acceptances of approximately 84.82 percent of Pan-United Marine Limited ("PUM") shares, in connection with its voluntary conditional cash offer (the "Offer") for the Singapore-based shipyard.

Following the issue of the Shut-off notice on 10 July 2007, the final closing date of the Offer is now 25 July 2007.

Four of Dubai Drydocks World's nominees have been appointed to PUM's board of directors with effect from 11 July 2007.

A top-level team, led by Sultan Ahmed Bin Sulayem, Chairman, Dubai World, was in Singapore for the event.

PUM is Dubai Drydocks World's first major overseas acquisition and strategically complements Dubai Drydocks World's existing network of shipyard facilities.  Dubai Drydocks World offered a total of Singapore Dollars 650 Million (US$ 428.88 Million) for the entire 100 percent shares of PUM.

When the Offer was first announced, Dubai Drydocks World already had irrevocable undertakings from PUM's controlling stakeholders in relation to 70 percent of PUM's shares.  Since then, the offer price of Singapore Dollars 2.38 has remained unchanged.

Mr. Bin Sulayem said:

"This is a great day for Dubai and Dubai World. And we believe it's more so for Dubai Drydocks World since PUM represents its maiden large scale venture at the international level. We are committed to long-term strategic investment in Asia as a whole. Dubai and Singapore are acknowledged leaders in the global maritime sector and we are confident that Dubai Drydocks World's presence in Southeast Asia will create new growth opportunities in the industry that will benefit both sides."

The four new members nominated by Dubai Drydocks World to PUM's Board of Directors are: Joao M A G Macedo as Managing Director, Mr Krishna Kumar Sattanathan as Executive Director, Geoffrey Harold Taylor as Non-Executive Director, and Sameer Y Khan as Non-Executive Director.

Mr Taylor, who is CEO, Dubai Drydocks World, said:

"The formal takeover of PUM's management and operations in Singapore and Batam, Indonesia, is both exciting and challenging. The senior management of Dubai Drydocks World is determined to ensure a seamless transfer of control. At this time we have no intention to introduce any major changes to the business, redeploy any of the fixed assets, nor discontinue the employment of any of PUM's employees.

"The acquisition of PUM, an established and well-managed shipyard in Southeast Asia, is a strategic first step in taking the expertise of the Dubai Drydocks World group companies to the international stage.  We also have no intention to increase the offer price of for the remaining shares before the final closing date on July 25."

PUM has facilities in both Singapore and Batam, Indonesia, and is listed on the Singapore Stock Exchange. The company is aligned with the activities of Dubai Drydocks World given its involvement in ship repair, ship building and conversions.

Both PUM and Dubai Drydocks, the flagship company of Dubai Drydocks World, have large skilled workforces supported by strong management teams and are well respected both regionally and internationally.

Dubai Drydocks World is a wholly-owned entity of Dubai World and comprises Dubai Drydocks and Al Jadaf Shipyard. It also manages Platinum Yachts FZCO and Platinum Yacht Managements LLC.

With PUM firmly under its wing now, Dubai Drydocks World operates one of the largest and most comprehensive networks of shipyard facilities that stretches from the Middle East to Southeast Asia. Its services cover a fully integrated range of marine-related services including ship repairs, ship conversions and specialized ship construction.

Key dates in Dubai Drydocks World's acquisition of Pan-United Marine:

28 May 2007 Announcement of Offer by Dubai Drydocks World

13 June 2007 Offer Document dispatched to PUM shareholders

18 June 2007 Offer turns unconditional with 70.30% acceptances from shareholders

10 July 2007 Issue of Shut-off notice

11 July 2007 First Closing Date

25 July 2007 Final Closing Date

-Ends-

About Dubai Drydocks World
Dubai Drydocks World is a Dubai World entity and is the holding company for Dubai Drydocks, Al Jadaf Shipyard and PUM. It also manages Platinum Yachts FZCO and Platinum Yacht Managements LLC, owned by sister Dubai World company Nakheel.

Bringing together some of the most dynamic companies engaged in complementary areas of expertise, Dubai Drydocks World is an acknowledged global brand in the worldwide ship repair, conversion, and new building market.

Its flagship company, Dubai Drydocks, has been operating since 1983, and has grown from humble beginnings to a world leader in the ship repair and conversion business. Al Jadaf Shipyard has been operating since the late 1970s and provides an invaluable service within the Middle East region to smaller vessel owners.

Dubai Drydocks World's latest acquisition is Singapore-based PUM, an established shipyard with facilities in both Singapore and Batam, Indonesia. 

For more information, please contact:
Evangelina Wee
Associate Director
Gavin Anderson & Company
Singapore
Tel: +65 6339 9110
Hp: +65 9185 5105
Fax: +65 6339 9578
Email: ewee@gavinanderson.com.sg
Dubai

Sana Maadad
Manager, Media Department
World View Communications, Dubai World
Dubai UAE
Tel: +971 4 881 8808
Hp: +971 50 552 2610
Fax: +971 4 881 7722
Email: sana.maadad@dubaiworld.ae

© Press Release 2007