ASL Marine 4Q 2012 Profit Rises on Completion of FPSO Conversion Job

Singapore's ASL Marine said Wednesday that its net profit for the fiscal fourth quarter ended June 30, 2012, rose 42.3 percent year on year to $6.6 million (SGD8.29 million) from $4.7 million (SGD5.83 million). 

The company said that its strong performance for the fourth quarter was due to the completion of a major ship conversion job undertaken for a floating, production, storage, offloading (FPSO) vessel. The contract value of this conversion job was around $26 million.
 
Commenting on ASL Marine's outlook for its next fiscal year, CIMB's Analyst Yeo Zhi Bin said that he expects ASL earnings to remain strong. "We remain bullish on ASL Marine. The fact that the company's orders this fiscal year exceeded a booming fiscal year of 2007 is not lost on us," Yeo said. 
 
ASL Marine had announced on April 16, 2012, that it secured contract wins worth $106 million (SGD132.5 million) for the construction of five vessels. The contracts were for four tug boats and one platform supply vessel. The company announced on the same day that its ship-repair division also won conversion and upgrading works for two rigs. 
 

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Service Supervisor (Treater) - Bryan, TX
Expertise: Field Service Tech|Fracturing|Perforation
Location: Bryan, TX
 
Project Estimator, Site/Civil
Expertise: Cementing|Civil Construction|Estimating
Location: Spring, TX
 
Project Coordinator
Expertise: Construction Engineer|Engineering Technician|Process Control
Location: Gray, LA
 
search for more jobs

Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours