ASL Shipyard Pte Ltd (“ASLS”), a wholly-owned subsidiary of ASL Marine Holdings Ltd. (the "Company") has secured new shipbuilding contracts worth approximately S$140 million for the construction of a series of tugs and barges, the Company said in a press release.
All of these vessels are specially designed and built for overseas customers who are engaged in the mining and marine infrastructure industries. These projects will be executed at the Group’s shipyards in Singapore and Indonesia.
Revenue from these new shipbuilding contracts will be recognised over the respective contract period in accordance with the Group's revenue recognition policy basing 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 2016.
None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the above transactions other than through their shareholdings in the Company.
ASL Marine is a vertically-integrated marine services group principally engaged in shipbuilding, shiprepair and conversion, marine vessel chartering, marine engineering and other related services, catering to customers worldwide. The Group operates five shipyards in Singapore, Batam, Indonesia and Guangdong, China specializing in building offshore support vessels, dredgers, tugs, barges and tankers for customers globally.