ASL Marine secures shipbuilding contracts worth S$97 million to build six vessels
The Board of Directors of ASL Marine Holdings Ltd. announces that its wholly-owned subsidiary, ASL Ship yard Pte Ltd (“ASLS”), has secured new shipbuilding contracts worth approximately S$97 million for the construction of six vessels, the company said in its press release.
The vessels comprise: • Two units Emergency Response and Rescue Vessels; and • Four units Anchor Handling Tug/ Multi-Purpose Sup ply Vessels. The vessels are secured from customers in Europe an d Singapore and will be built in accordance with the Rules of Lloyd’s Register of Sh ipping and ABS classification respectively. The two units of Emergency Response and Rescue Vess els will be constructed at the Group’s shipyard in Singapore, and are scheduled fo r delivery in 2015. The four units of Anchor Handling Tug/ Multi-Purpos e Supply Vessels will be built at the Group’s shipyard in China. Two units are expected to be completed in 2015 and the other 2 units in 2016. The vessels are 62 metres in length, of 70 metric tons bollard pull, dynamic positioning 2 and electrically propel led.
Revenue from these new shipbuilding contracts will be recognised over the respective contract period in accordance with the Group's reve nue recognition policy based on the percentage of completion method. These contracts ar e not expected to have a material financial impact on the net tangible asset and earn ings per share of the Group for the financial year ending 30 June 2014.