ASL Shipyard Secures S$140mln Build Contracts
ASL Shipyard Pte Ltd. a wholly-owned subsidiary of ASL Marine Holdings Ltd., has secured new shipbuilding contracts worth approximately S$140 million for the construction of a series of tugs and barges, the company’s board of directors announced Thursday.
According to the shipbuilder, all of the vessels will be specially designed and built for overseas customers in the mining and marine infrastructure industries. The tugs and barges will be built at the group’s shipyards in Singapore and Indonesia.
ASL Marine said none of its directors or controlling shareholders has any direct or indirect interest in the transactions other than through their shareholdings in the company.
Revenue from the contracts will be recognized over the respective contract period in accordance with the group's revenue recognition policy basing on the percentage-of-completion method. The 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, 2016.
