The two parties signed a memorandum of understanding will see a team sourced from both companies move to establishing a joint venture with scope to bring $2.5bn of investment on the Indonesian island of Batam.
The 174 ha Batam Maritime Centre project was launched in 2008 but fell victim to the economic crisis and the restructuring of Drydocks World and its Southeast Asian arm.
After a restructuring deal in 2012 cleared Drydocks World Southeast Asia Group (DDW SEA) of its debts, Pacific Carriers Ltd (PCL), shipping arm of the Kuok (Singapore) Limited Group, bought 67% of DDW SEA. Drydocks' Asia outfit emerged from the acquisition as DDW-PaxOcean Asia, comprising a shipyard in Singapore, 3 shipyards in Batam and a shipping division. PCL operates two yards in China, an offshore vessel yard in Zhuhai and a Zhoushan yard for large vessels.
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