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Singapore’s ASL Marine bags new shipbuilding contracts worth $140 million

JAKARTA ( – Singapore’s ASL Marine Holdings Ltd said that its wholly-owned subsidiary, ASL Shipyard Pte Ltd (ASLS), has secured new shipbuilding contracts worth approximately S$140 million for the construction of a series of tugs and barges.

All of these vessels are specially designed and built for overseas customers who are engaged in the mining and marine infrastructure industries.

The company however did not reveal the identity of the parties that awarded the contracts.

These projects will be executed at the Group’s shipyards in Singapore and Indonesia, said Ang Kok Tian Chairman and Managing Director.

ASL Marine operates and owns shipyard in Batam, Riau Islands province through its wholly-owned subsidiary PT Sukses Shipyard Indonesia. The company engages in shipbuilding and ship repair services.

Revenue from these new shipbuilding contracts will be recognized 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. (*)

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