ASL Marine Wins Seven-vessel Contract

ASL Marine Holdings Ltd. has secured major shipbuilding contracts worth S$164 million. These contracts are for the construction of seven vessels involved in offshore oil and gas as well as port terminal operations.

The seven vessels include six units of Rotor tugs secured from repeat customers in Europe as well as one unit of Heavy Lift cum Pipelay vessel secured from a customer in India. These contracts are due for delivery by 2009.

The Group's shipbuilding order book stood at S$382 million as at 31 December 2006. With these new contracts, the Group's total shipbuilding order book has increased significantly by S$164 million. These new contracts are expected to keep ASL Marine busy till FY2009.

Commenting on the new contracts, Mr Ang Kok Tian, Managing Director said, "The new contract of the Heavy Lift cum Pipelay vessel reaffirms the continued demand from the offshore oil and gas sector. We have been receiving constant enquiries from potential clients in Europe, Middle East and Asia. With these contracts, our shipyards will be kept busy till FY2009. The industry remains buoyant and we are optimistic that we will see further contract wins."

According to an Offshore and Marine Outlook report by Merrill Lynch1 published earlier this year, "The outlook for 2007 looks solid and is primed to at least match that of 2006. Fundamentals remain extremely strong and we are optimistic that growth will exceed that achieved in 2006."

Mr Ang added, "ASL Marine is well positioned to ride on the robust growth of the industry. These new contracts award marks another milestone achievement of ASL Marine in the area of offshore projects."

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