News

Award Of S$99.7 Million Worth Of Shipbuilding Contract

The Board of Directors of ASL Marine Holdings Ltd (the "Company" or "ASL Marine") wishes to announce that subsequent to 31 December 2003, its wholly-owned subsidiary, ASL Shipyard Pte Ltd, has secured additional shipbuilding contracts worth a total of S$99.7 million for the construction of 31 new vessels.

These new contracts are for the building and delivery of the following vessels for ASL Energy Pte. Ltd., Svitzer Wijsmuller Group, Jan De Nul Group, Interbeton B.V., Kooren Shipbuilding and Trading B.V. and Koon Construction:-

w One 65,000 deadweight ton floating terminal pontoon;
w 24 flat top deck cargo barges;
w Three jetty pontoon;
w Two Rotor?tugs; and
w One Azimuth Stern Drive (ASD) tug

Of the S$99.7 million contracts, a total of S$25.9 million worth of contracts for two of the tugs and 21 of the barges listed above have already been announced on 19 February 2004, during the interim results announcement for the first six months ended 31 December 2003.

These contracts are expected to have a positive impact on the net tangible asset and earnings per share of the Company for the financial year ending 30 June 2004.

Barring unforeseen circumstances, these projects are expected to be substantially completed by 30 June 2005 and would contribute positively to the Group's results.

As far as the Directors of ASL Marine are aware, none of the Directors or substantial 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
Chairman and Managing Director

26 May 2004