ASL Marine invests $7.8m on dredging and engineering contractors

Singapore-based shipyard ASL Marine has invested €6.1m ($7.8m) to acquire dredging engineering and contract companies Vosta LMG International and CFT International, Seatrade Asia online reports.

ASL Marine said the acquisition will allow the group to scale the industry value chain, moving into the higher barrier to entry services of design and engineering and research and development.

Meanwhile, ASL also announced improved earnings for the first quarter ended 30 September 2012, posting net profit of S$9.83m ($8.04m), up 15.7% year-on-year. Revenue rose 7.1% year-on-year to S$88.98m.

“Though the marine and commercial shipping side is still suffering, we are witnessing pockets of growth within the oil and gas side, particularly demand for smaller PSVs and larger AHTS vessels,” said Ang Kok Tian, chairman and managing director of ASL Marine.