News

Sale Of Vessels

The Board of Directors of ASL Marine Holdings Ltd. (the "Company" or "ASL Marine") wishes to announce that the Company's wholly-owned subsidiaries, have sold in aggregate 22 vessels comprising 11 tugboats and 11 barges (collectively the "Vessels") on 20 October 2004 to Kaltim Alpha Shipping Pte. Ltd. ("KAS"). KAS is a wholly-owned subsidiary of ASL Energy Pte. Ltd., a 50% owned jointly-controlled entity of ASL Marine.

Basis of Consideration

The total cash consideration for the sale of the Vessels is $13.3 million. The consideration was arrived at on a willing buyer willing seller basis. The net proceeds from the sale will be used for the Group's general working capital, business expansion and loan repayment.

The net book value of the Vessels as at 30 September 2004 was approximately $6.1 million and the proportionate gain on sale of the Vessels the Company can recognize for the financial year ending 30 June 2005 is approximately $3.6 million.

There are no material conditions attaching to the sale of the Vessels.

Financial Impact

1 Based on 218,080,000 ordinary shares in issue as at 30 June 2004
2 Based on weighted average of 198,055,014 ordinary shares in issue during the
financial year ended 30 June 2004

The financial impact as set out above is based on the audited accounts of the Group for the financial year ended 30 June 2004.

Disclosure Pursuant to Rule 1010(13) of the Listing Manual

Rule 1006(a)	Net Book Value of Vessels1	Group Net Asset Value1	Relative Figure
	$6.3 million	$68.1 million	9.3%
Rule 1006(b)	Net Profits attributable to the Vessels2	Group Net Profits before Tax and Minority Interests2	Relative Figure
	$0.6 million	$12.5 million	4.8%
Rule 1006(c)	Aggregate Consideration	Market Capitalisation3	Relative Figure
	$13.3 million	$112.3 million	11.8 %

1 As at 30 June 2004
2 For the financial year ended 30 June 2004
3 The market capitalisation is derived by multiplying the number of shares issued,
that is, 218,080,000 shares, by the closing market price of $0.515 per share
on 20 October 2004.

Rationale for the Sale

The sale is in line with the Company's plan to reconfigure its fleet of vessels, to own more sophisticated and larger vessels to service the marine and offshore infrastructure, oil and gas and energy sectors and to strengthen the Group's position in these sectors.

Interests of the Directors and Controlling Shareholders

As far as the Directors of the Company are aware, none of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the sale of the Vessels other than through their shareholdings in the Company.

Documents Available for Inspection

A copy of the agreement for the sale and purchase of the Vessels is available for inspection during office hours at the registered address of the Company at 19 Pandan Road, Singapore 609271, for a period of 3 months from the date of this announcement.