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 contract period in accordance with the Group's revenue recognition policy based on the percentage of completion method.