ASL Marine's Profits Plummet
Singapore-based ASL Marine's profits for the second quarter ended 31 December 2014 dived 78.4% year-on-year to SGD1.432 million (USD1.05 million). Revenue also plunged 86% year-on-year to SGD47.44m due mainly to a revenue reversal of SGD95m recognized in the previous financial years, following the rescission of two OSV shipbuilding contracts in December 2014. The company says its first half earnings slashed on account of the difficult market conditions in the offshore sector due to the sharp decline in oil prices.
Swiber-Linked Vessels Seized in Singapore
Three of of Swiber Holdings vessels had been seized in an arrest moved by a syndicate of banks, reports Business Times. All three vessels were arrested at ASL Shipyard, the litigant in the arrest is United Overseas Bank (UOB), acting as security agent for the syndicate of banks that had extended financing to the vessel owner in relation to a sale and leaseback deal. The recent filing for liquidation by Swiber Holdings, an oil and gas business listed on the Singapore Stock Exchange, sent jitters through the markets.
Cortland Australia Bags Singapore Contract
Engineered rope specialist Cortland Australia said it has secured a contract to supply Singapore’s ASL Shipyards with high performance Plasma 12x12 towlines for BHP Billiton Towage Services’s new fleet of six RAstar85 ASD escort tugs. The specifically developed ultra-high-molecular-weight polyethylene Plasma (HMPE) ropes will be the largest used on-board escort tugs in Australia. They will be deployed in Port Hedland, Western Australia. ASL is currently building six escort tugs…
ASL Marine gets approval to delay redeeming $105m bonds
Singapore, 20 January 2017– ASL Marine Holdings Ltd. respectively. This means the maturity dates of Series 006 Notes and Series 007 Notes will each be extended for three years to March 2020 and October 2021 respectively. By giving approval to the Consent Solicitation, Noteholders will receive a coupon step-up, with coupon rates of 5.50% p.a. and 5.85% p.a. for Series 006 Notes and Series 007 Notes, commencing on 28 March 2017 and 1 April 2017 respectively, and which are to be increased by 0.5% p.a. thereafter.
ASL to Build Three Rotor Tugs, Seismic Vessel
Singapore's ASL Marine Holdings says its subsidiary ASL Shipyard has won contracts worth approximately S$91-million for the construction of 3 Infield Support Vessels (of ART 100-42 class Rotor Tugs design) and a Seismic Support Vessel (SSV). The vessels are from customers in Australia and Norway respectively. The four vessels are expected to be completed in the first quarter of 2016. ASL adds that revenue from these new shipbuilding contracts will be recognised over the respective…
Two Singaporean Boats Detained by Indonesia
Two Singapore-registered vessels have been detained in Indonesia the Maritime and Port Authority of Singapore (MPA) said. The sole Singaporean who was caught along with those ships is a marine surveyor and he returned to Singapore on March 16. MPA also said it was assisting Indonesia in the investigations of the two separate incidents. Recent media reports had quoted that four Singapore-registered vessels and four Singaporeans were detained. Indonesia said it had detained a total of four Singapore-registered ships in two incidents in early March…
US Navy Sets Course for the Arctic Circle
Commander, Submarine Forces (COMSUBFOR) officially kicked off Ice Exercise (ICEX) 2016 in the Arctic Ocean with the construction of U.S. Navy Ice Camp SARGO March 2. ICEX 2016 is a five-week exercise designed to research, test and evaluate operational capabilities in the Arctic region. "ICEX allows us to assess our operational readiness in the Arctic, increase our experience in the region, develop partnerships and collaborative efforts, and advance our understanding of the Arctic environment," said Vice Adm. Joseph E. Tofalo, commander, Submarine Forces.
First of Six New Tugs Delivered to BHP Billiton
With the arrival of the Iron Kestrel and Iron Corella in Port Hedland, Western Australia, the first two of BHP Billiton Iron Ore's six boat order for Robert Allan Ltd.’s RAstar 85 Class escort tugs have now been delivered by ASL Shipyards Singapore. These modern high performance tugs will escort bulk carriers in and out of Port Hedland. They were custom designed and built to meet the environmental conditions and operational requirements of the world's busiest bulk commodity port by tonnage.
ASL Profit Nosedives
Singapore shipbuilding group ASL Marine has posted a sharp drop in net profit for its third quarter as revenues from its shipbuilding, shiprepair and chartering segments fell across the board. Net profit for the three months to March 31 plummeted 65.7 per cent from the previous year to S$1.94 million, while revenue dived 56.2 per cent to S$63.42 million in the period. Revenue decreased 56% year-on-year to S$63.4 million due to industry downturn and construction cycle, gross profit increased 20% year-on-year to S$12.1 million for 3QFY2015 despite the fall in revenue, says a company statement.
Singapore's ASL Marine Issues Profit Warning
ASL Marine Holdings Ltd informs that following a preliminary assessment of the financial results for the fourth quarter ended 30 June 2014, it is expected that the Company and its subsidiaries will report a loss in the consolidated net results for 4Q FY2014. i. Lower shiprepair and conversion revenue recorded as works for the several units of service rig has not been completed as at 30 June 2014. ii. As this OSV is currently at its final stage of commissioning and will be ready for operation by the end of this calendar year, the management is confident that there is demand for it. The Company is in discussion with potential buyers and with charterers. Despite the loss in 4Q FY2014, the Group expects to remain profitable for the whole of the financial year ended 30 June 2014.
ASL Marine Secures New Contracts
Shipbuilder ASL Marine has secured a total S$156 million worth of contracts from its shipbuilding, shiprepair & conversion, shipchartering and dredging engineering divisions. The contracts secured are mainly from repeat customers in the region as well as in the Middle East, the US and Europe, it said, adding that there are potential additional orders from a certain customer upon successful delivery of current projects. The shipbuilding and shiprepair & conversion contracts are…
BOURBON to Support World's First Autonomous OSV Project
BOURBON entered into a Memorandum of Understanding (MOU) with Automated Ships Ltd to support the building of the world’s first autonomous, fully-automated prototype vessel for offshore operations, in collaboration with the project’s primary technology partner, KONGSBERG. BOURBON will provide detailed input to the development and design of the Hrönn project, ensuring flexibility, reliability and cost efficiency to operate safely and effectively in the offshore environment. In the second phase of the project…
Steel Cut on First of Three ISVs for KT Maritime
A steel cutting ceremony held last week at the Singapore shipyard of partner company, ASL Shipyard Pte Ltd. marked the start of construction for the first of three infield support vessels (ISVs) being constructed by Perth-based KT Maritime Services Australia Pty Ltd to support Shell’s Prelude FLNG project near Broome. KT Maritime Services Australia Director, Mark Thomas, said this major contract for the design, construction and operation of the three 42-meter, 100-metric-tonne bollard-pull ISVs at the Prelude site 475km north-north east of Broome was a major milestone for the company.
Fire Kills Five at ASL Marine's Batam Shipyard
The vessel owner-operator and shipbuilder ASL Marine Holdings said that a fire occurred in its shipyard in Batam, Indonesia. ASL press release that initial investigations showed the incident occurred on board a tanker that was being repaired at one of its dry docks. The fire likely started inside and was confined to the pump room, the company added in its statement. Whilst this may restrict damage and deaths, nevertheless five people died and one person is injured, they were employees of our subcontractor. Initial investigations suggest that there was no explosion.
ASL Bags New Shipbuilding Contract
Singapore’s ASL Marine Holdings Ltd said that its wholly-owned subsidiary, ASL Shipyard Pte Ltd has clinched shipbuilding contracts worth approximately SGD140m ($100m) for the construction of a series of tugs and barges. ASL said the vessels will be designed and built for overseas customers engaged in the mining and marine infrastructure industries. The newbuildings will be constructed at the group’s shipyards in Singapore and Indonesia. Revenue from these new shipbuilding contracts…
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.
FLNG Birth of a Market
FLNG deal-making has been sporadic since Woodside Petroleum at the end of 2013 delayed a final investment decision for the giant Browse FLNG project off Northwest Australia. The previous year had seen go-aheads for most of the floating liquefied natural gas projects (FLNG) underway today, including Shell’s Prelude FLNG — Woodside’s choice, it seems, of a liquefaction solution for fields 200 kilometers offshore. Yet Prelude, “the first project out”, might not be first to produce.
10 Optimarin BWT system for Asian Shipowner
Ballast water treatment (BWT) specialist Optimarin has secured a fleet agreement for the installation of 10 of its flexible, reliable and environmentally friendly systems with an unnamed Asian shipowner. The contract, covering a group of 6,700 TEU container vessels, was secured thanks to the firm’s retrofit expertise and market proven technology. The first of the Optimarin Ballast System (OBS) units has already been installed, with two further systems following at the beginning of next year, and two more in spring 2016.
ASL Marine Announces Shipbuilding Contracts Cancellation
The Board of Directors of ASL Marine Holdings Ltd informed that its wholly-owned subsidiaries have reached a mutual agreement with customer on the rescission of shipbuilding contracts for two offshore support vessels. One of the vessels will be ready for operation by the end of the 1Q2015 and the other in 3Q2015. The Board is confident that there is demand for these quality vessels as the Company has already commenced discussions with potential buyers and/or charterers for the vessels. Unless the vessels are sold, the revenues booked to date will have to be reversed.
Indonesia Shipyard Offshore Rig: Jacking Trial Successful
Teras Offshore, along with Global Maritime & ASL Shipyard in Batam, Indonesia announce the completion of full height jacking trials of the 'Teras Sunrise'. The Teras Sunrise is the second 'Service Jack' design developed by Global Maritime, a jack-up construction vessel with a payload of up to 7,200 tonnes, outfitted with four jack-up legs for jacking operations in the North Sea in up to 80m water depth. She has accommodation for 160 persons with the option to increase to 260 using Pullman berths.
Navy Submarines Begin Arctic Ocean Exercises
Virginia-class attack submarine USS New Mexico (SSN 779) and Los Angeles-class attack submarine USS Hampton (SSN 767) have commenced Ice Exercise 2014 (ICEX 2014) in the Arctic Ocean, says Commander, US Submarine Forces. "In keeping with the Department of Defense's Arctic Objectives, the Submarine Force uses Ice Exercises to prepare for a wide range of challenges and contingencies," said Capt. Paul Whitescarver, the camp's officer in tactical command and operations officer at Commander, Submarine Force Atlantic.
US Navy Kicks Off ICEX 2018
Commander, Submarine Forces (COMSUBFOR) officially kicked-off Ice Exercise (ICEX) 2018 in the Arctic Ocean with the construction of temporary Ice Camp Skate and the arrival of two U.S. Navy fast-attack submarines and one U.K. Royal Navy submarine March 7. ICEX 2018 is a five-week biennial exercise that allows the Navy to assess its operational readiness in the Arctic, increase experience in the region, advance understanding of the Arctic environment and continue to develop relationships with other services, allies and partner organizations.
US Navy Submarines Surface in the Arctic Circle
A pair of U.S. Navy submarines recently surfaced in the Arctic Circle as part of multinational maritime exercise north of Alaska. Los Angeles-class fast attack submarine USS Hartford (SSN 768) and Seawolf-class fast attack submarine, USS Connecticut (SSN 22) surfaced in the Arctic Circle March 10 during the multinational maritime Ice Exercise (ICEX) 2018. Both submarines, as well the UK Royal Navy submarine HMS Trenchant (S91), are participating in the biennial exercise in the Arctic to train and validate the warfighting capabilities of submarines in extreme cold-water conditions.