Dubai shipbuilder to build piece of Shell project

DUBAI, United Arab Emirates

Dubai's state-owned shipbuilder DryDocks World says it will build a key piece of a Shell natural gas project in Australia as it presses ahead with efforts to restructure $2.2 billion in debt.

DryDocks World said Thursday it won a contract from SBM Offshore to build a massive underwater "turret" that will serve as an anchor for Shell's Prelude gas field off Australia's northwest coast.

Financial terms were not disclosed.

DryDocks also says it has formally presented its debt restructuring terms to lenders, and expects to complete the process "by the middle of the year."