ASL Marine Holdings Incorporates a Jointly Controlled Entity

The Board of directors of ASL Marine Holdings wishes to announce that the Company's 50% owned jointly-controlled entity, ASL Energy Pte. Ltd. had on 26 December 2007 incorporated a wholly-owned subsidiary, Epsilon Shipping Pte. Ltd. (ESPL), in the Republic of Singapore.

ESPL has an issued and paid-up capital of S$2 and it will be principally involved in the chartering of marine vessels. ASL Energy's investment in ESPL was funded through internal resources.

The investment in ESPL is not expected to have any material impact on the net tangible assets and earnings per share of the Group for the financial year ending 30 June 2008. As far as the Directors of ASL Marine are aware, none of the Directors or controlling shareholders of ASL Marine has any interest, direct or indirect, in the above investment other than through their shareholdings in ASL Marine.