ASL Shipyard Secures $73M Deals to Build Infield, Seismic Support Vessels
Singapore's ASL Marine Holdings Ltd. (the Company), a firm that engages in shipbuilding, shiprepair and conversion, marine vessel chartering, marine engineering, reported Friday that its wholly-owned subsidiary, ASL Shipyard Pte Ltd (ASLS), has secured new shipbuilding contracts worth approximately $72.5 million (SGD 91 million) for the construction of three units of powerful and highly manoeuvrable Infield Support Vessels (of ART 100-42 class Rotor Tugs design) and one unit of Seismic Support Vessel (SSV). The vessels are secured from customers in Australia and Norway respectively.
The four vessels will be built at the Group’s shipyard and are expected to be completed in the first quarter of 2016.
Revenue from these new shipbuilding contracts will be recognized over the respective contract period in accordance with the Group's revenue recognition policy based on the percentage of completion method. These contracts are not expected to have a material financial impact on the net tangible asset and earnings per share of the Group for the financial year ending June 30.
None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the above transactions other than through their shareholdings in the Company.
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