CHAIRMAN’S MESSAGE
OUTLOOK AND STRATEGIES
General market consensus sees oil price to
remain subdued for the next 1-2 years due to oil
glut and market continues to see weakness in
businesses related to oil and gas sector. While
that is not our business core, the recent spate
of unpleasant news from certain companies
in the marine sectors have brought on greater
uncertainty to the already battled marine sector.
To cope with forthcoming challenges of the
marine sector and competitive operating
environment, the Group aims to widen
our revenue sources by going beyond our
traditional market places in Southeast Asia,
Australia and Europe, to North Asia, Indian
subcontinents and Middle-east. Our broader
strategy will remain unchanged i.e. to focus on
our core business and strengthen our foothold
in supporting marine infrastructure works in
Singapore and abroad.
TheGroup is reviewing certain critical aspects of
our business and putting greater management
efforts in the followings:-
• Intensify trade debt collection;
• Assets rationalization to release trapped
cash from non-productive assets;
• Tighten cost control;
• Improve productivity by streamlining work
processes and optimizing resources; and
• Tighten project execution and supervision.
APPRECIATION
I would like to thank our staff for their loyalty,
dedication and commitment over this
challenging period, our business partners
and customers for their continued trust and
support, and to bankers who are standing by
us, thanks for believing in us. I must also thank
ASL Marine’s Board of Directors for their help
in shaping our strategy, for their commitment
and strong stance on governance. Last but
not least, we are grateful to our shareholders
for your continued trust in us. For all our
stakeholders, we will strive to steer ASL Marine
through the rough waters ahead to deliver
optimal performance in the medium and
long term.
Ang Kok Tian
Chairman, Managing Director and CEO
18
ASL Marine Holdings Ltd.
Annual Report 2016
