Abu Dhabi Ship Building Company PJSC (ADSB) has sold a floating dry dock to a French port to improve profitability, saying the facility is uneconomic on its current yard rental flow.

ADSB said it had disposed of the facility, with the sale expected to close on Thursday. The buyer was named as the Grand Port de Maritim, Rouen, which is in the North of France on the River Seine.

The company told Abu Dhabi Securities Exchange (ADX) that the company had made a gain of AED 14 million ($3.8 million) prior to operating costs, such as rent and staff, until disposal.

ADSB, which is primarily into building highly complex naval ships, is part of EDGE, UAE's advanced technology defence group.

Its revenues declined from AED 791 million in 2015 to AED 254 million in 2020. However, in the last quarter of 2020, ADSB received a Letter of Award to build four patrol vessels for UAE Navy and this is expected to boost its revenues in 2021.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

imogen.lillywhite@refinitiv.com

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