Investor Relations ASL Marine Holdings Ltd
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ASL Marine Secures Shipbuilding Contracts Worth S$73.3 Million And A 10-Year Floating Terminal Charter Contract Worth US$50 Million
The Board of Directors of ASL Marine Holdings Ltd (the "Company" or "ASL Marine") is pleased to announce that subsequent to 30 June 2004, its wholly-owned subsidiary, ASL Shipyard Pte Ltd ("ASL Shipyard") has secured additional shipbuilding contracts worth a total of S$73.3 million for the construction of eight new vessels.
These contracts are for the delivery of the following vessels to various customers in Europe and Malaysia:-
Revenue from these new shipbuilding contracts will be recognized over the contract period in accordance with the Group's revenue recognition policy, which is based on the percentage of completion method. These projects are expected to be completed by 30 June 2006.
Barring unforeseen circumstances, 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 2005.
In addition, ASL Marine's 50% jointly-controlled entity, ASL Energy Pte Ltd has signed a 10-year charter contract with PT Dermaga Perkasapratama to charter its 65,000 dwt floating terminal pontoon that is currently being built by ASL Shipyard.
The floating terminal pontoon will be used for the unloading of coal from the barges; storage of coal; and subsequent loading of coal onto ocean-going vessels. The floating terminal pontoon is expected to be completed and operational by December 2005.
The charter contract is for a period of 10 years at a charter rate of US$5 million per 12-month period and can be extended for another 10 years subject to mutual agreement between the parties.
Within the terms in the bareboat charter agreement, PT Dermaga Perkasapratama and their appointed nominee are granted an option to purchase the floating terminal pontoon at a pre-agreed rate. This option shall automatically lapse on the expiration of the charter agreement.
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 transactions other than through their shareholdings in ASL Marine.
BY ORDER OF THE BOARD
Ang Kok Tian
Chairman and Managing Director
1 December 2004
- ASL_PressReleaseNewContracts.pdf (Size: 71,761 bytes)