major shareholder issues profit upgrade

4 new tankers to be built in Dubai

"These are highly environmentally friendly vessels and will replace older bunkering tankers that were built in the 1980s. They will help meet growing refuelling demand at the world's third largest bunkering port.'

Dubai Drydocks is the region's largest maritime services facility and the company plans to extend its construction business into large size tanker shipbuilding.

Geoff Taylor, Chief Executive Officer, Dubai Drydocks, said: 'It is very gratifying to have fended off some fierce international competition which positions us for further success on the global market. These will be the largest tankers constructed in this yard and we look forward to working with the client over the next three months to finalise the detailed in-house design.
'Construction of the first vessel will begin in April 2005 with delivery scheduled for the first quarter of 2006. The second and third vessels will be completed at two monthly intervals thereafter."