ASL to Build Six Offshore Service Vessels

Singapore-based ASL Marine Holdings Ltd. say that its wholly-owned subsidiary, ASL Shipyard Pte Ltd (“ASLS”), has secured new shipbuilding contracts worth approximately S$97-million for the construction of six vessels. The vessels comprise:

• Two Emergency Response and Rescue Vessels
• Four Anchor Handling Tug/ Multi-Purpose Supply Vessels.

The vessels have been ordered by customers in Europe and Singapore and will be built iunder the supervision of classification societies LR and ABS respectively.

The two Emergency Response and Rescue Vessels (ERRV) will be constructed at the Group’s shipyard in Singapore, and are scheduled for delivery in 2015.

The four Anchor Handling Tug/ Multi-Purpose Supply Vessels will be built at the Group’s shipyard in China. Two of them are expected to be completed in 2015 and the other two in 2016. The vessels are 62 metres in length, of 70 metric tons bollard pull, dynamic positioning 2 and electrically propelled.

ASL add that the revenue from these new shipbuilding contracts will be recognised over the respective contract period in accordance with the Group's revenue recognition policy based on the percentage of completion method. These 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 30 June 2014.
 
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