ASL Marine Wins Shipbuilding Contracts Valued at S $46.5 Million

ASL Marine Holdings' subsidiary, ASL Shipyard Pte Ltd has secured new shipbuilding contracts worth a total of S$46.5 million for the construction of the following vessels:

Two units of Offshore Emergency Response and Rescue Vessels

One unit of Anchor Handling Tug/ Supply Vessel ("AHTS")

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. All three vessels are expected to be completed in 2008.

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 current financial year ending June 30, 2007.

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 transactions other than through their shareholdings in ASL Marine.