Singapore ASL To Expand Shipyard Capacity

Tuesday, August 23, 2005
ASL Marine Holdings Ltd. ("ASL Marine" or the "Group"), an integrated marine company with shipyards in Singapore and Batam, Indonesia entered into contracts with several subcontractors and supplier to expand the capacity and capabilities of the Groups two shipyards in Singapore and Batam, to meet the growing demand for its services.

The upgrades to the yards are as follows;

1) To build a 150,000 dead weight tons ("dwt") graving dock in the Batam yard costing approximately S$11.0 million

2) To equip both yards with 12 gantry cranes costing approximately S$6.2 million; and

3) To upgrade the infrastructure and development works to the Batam yard costing approximately S$5.5 million.

The total investment of S$22.7 million will be progressively paid based on work completed and funded through a combination of borrowings and internal funds This expansion is in line with the Groups overall strategy to strengthen and expand its shipbuilding and shiprepair capacity and capability.

The Group will develop its Singapore shipyard into an international builder of sophisticated, high value and customized vessels of up to 70m in length while its Batam shipyard will be capable of repairing vessels of up to Cape size class and building new vessels of up to 20,000 dwt. With the completion of the graving drydock in the second quarter of FY2006, ASL Marine will be positioned as one of the few shipyards in the region to have Cape size shiprepair capacity and capabilities.

Mr Ang Kok Tian, Executive Chairman and Managing Director of ASL Marine commented, " We are pleased to update the investing public about our expansion plans for our shipyards. The continual buoyant marine industry has provided many opportunities for the Group. One instance is the phasing out of all single-hull tankers by 2010 as required by International Maritime Organisation. With our expanded capabilities, technical expertise and experience in building sophisticated vessels like tankers; we are optimistic that we can secure more value-added, high margin shipbuilding contracts. "

ASL Marine has secured several shipbuilding contracts involving bigger and more sophisticated vessels during the year. As at 31 December 2004, the Group had an existing outstanding shipbuilding order book of approximately S$175.4 million, of which approximately 50% of these contracts will be recognised in the financial year ended 30 June 2005.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Shipbuilding

RS at SEA JAPAN 2014

Russian Maritime Register of Shipping (RS) was the only Russian company to take part in SEA JAPAN 2014 exhibition and conference – one of the major exhibitions of the maritime industry.

Reports: Brazilian Tycoon Batista Investigated For Financial Crimes

Brazils federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering,

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3109 sec (3 req/sec)