Abu Dhabi Ship Building (ADSB), the leading shipbuilder and naval support services provider in the Arabian Gulf region, has commenced the next phase of its Baynunah Corvette Class pride Program constructions for the UAE Navy. The Prime Contractor has moved the second vessel from the assembly hall where it will pass through its final systems outfitting in preparation for its launching sometimes later in this year where it will go through an intensive acceptance trials prior to the final delivery to the UAE Navy. The First Of Class has already been launched in mid 2009. Four more corvettes are currently progressing construction in ADSB premises and the final delivery of all the 6 Baynunah Class Corvettes is expected to be completed by 2014.
“We are a few steps away from unveiling the second vessel under the Baynunah initiative. This latest phase advances what will be another important milestone for ADSB, UAE Navy and the Emirates,” said Homaid Al Shemmari, Chairman of Abu Dhabi Ship Building.
Abu Dhabi Ship Building is a Public Joint Stock Company listed on the Abu Dhabi Securities Exchange. It is jointly owned by Mubadala Investment Company (40 per cent), the Abu Dhabi Government (10 per cent), and various national shareholders (50 per cent). ADSB specializes in the construction, repair, and refit of Naval, Military and Commercial vessels. The company manages an impressive portfolio of build and refit projects. ADSB’s AED 1.16 billion revenues and AED 114 million net profits for the period ending December 31, 2009 represented the shipbuilder’s third consecutive year of solid financial growth and the highest in the company’s history.
