ASL Marine inks S$267mn shipbuilding deals

The five vessels consist of platform supply vessels, barges and a dredger.

The Board of Directors of ASL Marine Holdings Ltd. (the "Group" or "ASL Marine") is pleased to announce that its wholly-owned subsidiary ASL Shipyard Pte Ltd has secured new shipbuilding contracts worth approximately S$267 million for the construction of two units Platform Supply Vessel, one unit Dredger, and two units Barges.

The two Barges are scheduled for delivery in 2012. The two Platform Supply Vessels and the Dredger are expected to be completed in 2013 and 2014 respectively, according to an ASL Marine report.

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. These contracts are expected to have a positive impact on the net tangible asset and earnings per share of the Group for the financial year ending 30 June 2012.