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Drydocks World buys Labroy Marine of Singapore

Drydocks World buys Labroy Marine of Singapore

Dubai: Drydocks World, part of the government-owned Dubai World group, said on Monday it had bought outright control of Singapore's Labroy Marine Ltd for $1.63bn having received "irrevocable undertakings from substantial shareholders to accept the offer... in respect to approximately 65.49 percent of all shares." It is believed the shares belonged to Labroy Marine founder and executive chairman Tan Boy Tee and executive director Chan Kwan Bian.

The move on Labroy, which is involved in the building and repairing of ships as well as offshore rig construction, follows on from Drydocks World's acquisition of the Pan United Marine in Singapore for around $430m earlier this year.

"The acquisition of Labroy, an established shipyard in Southeast Asia, is another well thought-out strategic step in taking the expertise of the Drydocks World group of companies to the international stage," Drydocks World ceo Geoff Taylor (pictured right) said in a statement.

Coming just days after STX's purchase of a major stake in Aker Yards, it seems that the unprecedented shipbuilding boom currently being witnessed may have unleashed a wave of M&A activity in the sector. [30/10/07]