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    ADSB   AEA000901016

ABU DHABI SHIP BUILDING PJSC

(ADSB)
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Abu Dhabi Ship Building : UAE awards local firm ADSB $950 mln naval patrol vessel contract

05/18/2021 | 05:30am EDT

DUBAI, May 18 (Reuters) - The United Arab Emirates has signed a 3.5 billion dirham ($950 million) contract with Abu Dhabi Ship Building (ADSB) to manufacture four new patrol vessels for the Gulf Arab state's navy, ADSB said on Tuesday.

The Falaj 3-class Offshore Patrol Vessel contract was ADSB's largest ever order, which Chief Executive David Massey said gave it a sustainable and profitable future for the next five years.

ADSB will build all four hulls in Abu Dhabi, the UAE capital, and is responsible for integrating systems, he said.

Massey told Reuters ADSB first entered into talks with the UAE for the vessel contract six years ago and that over the past two years the sides had been negotiating the terms of the award.

ADSB was also in talks with the UAE for several upgrade and refit awards and was hopeful it would announce later this year or early next year an export deal for smaller vessels, he said.

ADSB, 40% owned by state defence conglomerate EDGE and 10% owned by the Abu Dhabi government, has built Baynunah-class corvettes for the UAE navy, the last of which it said was delivered in 2017.

($1 = 3.6726 UAE dirham) (Reporting by Alexander Cornwell; editing by Jason Neely, Louise Heavens, Kirsten Donovan)


ę Reuters 2021
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Financials
Sales 2020 255 M 69,4 M 69,4 M
Net income 2020 -21,7 M -5,91 M -5,91 M
Net Debt 2020 265 M 72,1 M 72,1 M
P/E ratio 2020 -22,8x
Yield 2020 -
Capitalization 888 M 242 M 242 M
EV / Sales 2019 2,50x
EV / Sales 2020 2,98x
Nbr of Employees -
Free-Float 41,2%
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Managers and Directors
David Massey Chief Executive Officer
Mariam Al Moosawi Chief Financial Officer
Halid Omar Ahmed Najeeb Al Breiki Chairman
Ali Mohammed Ali Al Shehhi Chief Operating Officer
Hamad Abdullah Al-Qaydi Director