ASL to Build Six AHTS Vessels

ASL Marine Holdings Ltd., has secured new contracts worth S$116 million for the construction of six anchor handling towing / supply vessels (AHTS).

The AHTS is an integral vessel in the offshore oil and gas sector, being used to tow and anchor oil rig platforms as well as other support services.

These new contracts for the six AHTS follow closely the recent S$164 million shipbuilding contract wins announced on 27 March 2007 for one unit of Heavy Lift cum Pipelay Vessel and six units of Rotor Tugs. The Group's shipbuilding order book stood at S$382 million as at 31 December 2006. Including these new contracts, the Group has subsequently won an aggregate S$280 million in shipbuilding contracts.

Five units of these AHTS are expected for completion in 2009 with one unit expected for completion in early 2010. These new contracts are expected to keep ASL Marine busy till FY2010.

Mr Ang Kok Tian, Managing Director said, "These new contracts reaffirm the continued demand from the offshore oil and gas sector as well as the confidence in ASL Marine's ability to deliver. Our shipbuilding order book is now at a record high and the influx of shipbuilding contract wins recently has further increased our earnings visibility."

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