Four Azimuth Stern Drive Tugs
One Offshore Maintenance Vessel
These contracts are ordered by an European customer who will deploy these vessels in the Middle East for Liquefied Natural Gas (LNG) terminal operations. The Middle East currently has the largest reserves of natural gas and as new reserves are discovered and processed, growth in the LNG industry will continue. These buoyant infrastructure projects in the Middle East may present further growth opportunities for the marine industry.
Revenue from these new shipbuilding contracts will be recognized over the contract period in accordance with the Group's revenue recognition policy, which is based on the percentage of completion method. These vessels are expected to be completed in 2008.
Mr. Ang Kok Tian, Executive Chairman and Managing Director of ASL Marine said, "These contracts further strengthen our shipbuilding order books for FY2007-2008. It also represents the confidence of our customers in our shipbuilding capability."
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