ASL Marine plans acquisition of a shipyard in Batam
The Board of Directors of ASL Marine Holdings Ltd. (the “Company”) on January 24 2014 through its wholly-owned subsidiary, PT. Sukses Shipyard Indonesia signed an agreement with Miclyn Express Offshore Limited (“MEO”) and its wholly-owned subsidiary, PT Loh & Loh Construction Indonesia, to acquire a shipyard in Batam, Indonesia for US$20.0 million, the Company said in a press release.
The shipyard operates on the land located at Jalan Brigjen Katamso Km. 19 Tanjung Uncang Batam, Indonesia (the “Property”), being adjacent to the Group’s existing shipyard in Batam. It is situated in a free trade zone with industrial areas designated specifically for shipyards with infrastructure such as roads, telecommunications, utilities and supporting services.
The sale assets comprise a site of 12.2 hectares with berthing / repair quays of 220 metres, 2 shiprepair slip / launch-ways and shipyard facilities (office building, fabrication shop, and machineries) which cater for shipbuilding, vessels repair, modification and mobilisation, as well as modular fabrication services.
MEO is headquartered in Singapore and is a leading provider of offshore vessel services. It operates a range of offshore support vessels, crew/utility vessels, tugs and barges for customers in the offshore oil and gas industry across South-East Asia, Australia and the Middle East.
MEO had previously used the shipyard to build, convert and customize vessels as well as service its South East Asian based fleet and other third party vessels when spare capacity existed. MEO has undertaken to dispose the Sale Assets in order to focus on its core vessel chartering business.