News

Award Of Contract Worth Approximately US$73 Million To Associated Company, ASL Energy Pte. Ltd. For Transportation Of A Minimum Of 30, 000, 000 MT Of Coal Over A 5 Year Period

The Board of Directors of ASL Marine Holdings Ltd. (the "Company" or "ASL Marine") wishes to announce that the Company's 50% owned associated company, ASL Energy Pte. Ltd. ("ASL Energy") has secured a coal carrying contract ("Contract") worth US$73 million (S$127 million) from PT. Pelayaran Segara Niaga Utama ("PT PSNU").

The Contract entails the provision of 20 sets of tugs and barges by ASL Energy to carry a minimum of 30,000,000 mt of coal for PT PSNU within Indonesian waters for a period of 5 years.

The Contract may be extended for a further period of 5 years.


Information of ASL Energy
ASL Energy is a Singapore incorporated company with an authorised share capital of S$10 million and an issued and paid-up share capital of S$3 million. The principal activities of ASL Energy is the provision of ship chartering and freight services in Indonesia.


Information of PT PSNU
PT PSNU is an Indonesian registered company with its main business in the provision of logistical support to various coal concessions in the Kalimantan area. The coal is transported from the concession areas to the Balikpapan coal terminal by tugs and barges.

Coal concessions to be serviced under the Contract includes coal mines related to the other 50% shareholder in ASL Energy, Manhattan Investments Pte Ltd. These coal mines are PT Gunungbayan Pratamacoal and PT Kalimantan Citra Bara.


Financial effects to the Company
The Contract is expected to have a positive impact on the net tangible assets and earnings per share of the Company for the financial year ending 30 June 2004.


Interest of the Directors
As far as the Directors of ASL Marine are aware, none of the Directors or controlling shareholders of ASL Marine has any interest, direct or indirect, in the above transaction other than through their shareholdings in ASL Marine.


BY ORDER OF THE BOARD

Ang Kok Tian
Managing Director

18 August 2003