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Renounceable Rights Issue (The "Warrants Issue") Of 49, 500, 000 Warrants (The "Warrants"), Each Warrant Carrying The Right To Subscribe For One (1) New Ordinary Share Of $0.10 Each, At An Issue Price Of $0.025 For Each Warrant, On The Basis Of One (1) Warrant For Every Four (4) Ordinary Shares Of $0.10 Each Held By The Shareholders As At Books Closure Date, Fractional Entitlements Being Disregarded

The Board of Directors of ASL Marine Holdings Ltd (the "Company") wishes to announce that the Offer Information Statement dated 10 March 2004, together with the Warrants and Excess Warrants Application Form ("WEWAF"), and the Provisional Allotment Letter (and the Excess Warrants Application Forms contained therein) ("PAL") in relation to the Warrants Issue, have been despatched on 11 March 2004 to shareholders of the Company (other than those shareholders of the Company having registered addresses outside Singapore and who had not, at least five (5) market days prior to 5.00 p.m. on 8 March 2004, provided to The Central Depository (Pte) Limited ("CDP") or the Company, as the case may be, an address in Singapore for the service of notices and documents) ("Entitled Shareholders").

Acceptances of provisional allotments of Warrants and applications for excess Warrants under the Warrants Issue can only be made on the WEWAF issued with the Offer Information Statement (in the case of Entitled Shareholders with Shares registered in the name of CDP) or by way of Electronic Application (as provided in the Offer Information Statement) and/or on the PAL issued with the Offer Information Statement (in the case of Entitled Shareholders with Shares registered in their own names).

The WEWAF need not be forwarded to the purchasers of the provisional allotments of Warrants ("Purchasers"). Purchasers should note that CDP will, on behalf of the Company, send the Warrants Application Form ("WAF") accompanied by the Offer Information Statement, by ordinary post and at the Purchasers' own risk, to their respective Singapore addresses as recorded with CDP.

Entitled Shareholders who do not receive the Offer Information Statement and the PAL or the WEWAF, as the case may be, within a week from the date hereof should immediately notify the Company's Warrant Agent or CDP, as the case may be, in writing at their respective addresses or contact them at their respective telephone numbers:-

M & C Services Private Limited
138 Robinson Road #17-00
The Corporate Office
Singapore 068906
Telephone number: 6227 6660

The Central Depository (Pte) Limited
4 Shenton Way #02-01
SGX Centre 2
Singapore 068807
Telephone number: 6535 7511

Entitled Shareholders are requested to note the following important dates and times in respect of the Warrants Issue:-

Last date and time for Splitting : 19 March 2004 at 4.45 p.m.

Last date and time for Acceptance and Payment : 25 March 2004 at 4.45 p.m.
(9.30 p.m. for electronic applications)

Last date and time for Renunciation and Payment : 25 March 2004 at 4.45 p.m.

Last date and time for Excess Application and Payment : 25 March 2004 at 4.45 p.m.
(9.30 p.m. for electronic applications)

Purchasers should also note the last date and time for acceptance and payment as stated above. Purchasers who do not receive the WAF accompanied by the Offer Information Statement may obtain the WAF accompanied by the Offer Information Statement from the Company's Warrant Agent, CDP (the addresses of which are stated above) or any stock broking firm which is a member company of the Singapore Exchange Securities Trading Limited for the period up to 4.45 p.m. on 25 March 2004.

BY ORDER OF THE BOARD

Ang Kok Tian
Chairman and Managing Director
ASL Marine Holdings Ltd

11 March 2004