Investor Relations ASL Marine Holdings Ltd
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ASL Marine Secures Additional Shipbuilding Contracts Worth S$31.1 Million
The Board of Directors of ASL Marine Holdings Ltd (the "Company" or "ASL Marine") is pleased to announce that subsequent to the SGXNET announcement dated 25 August 2005, its wholly-owned subsidiary, ASL Shipyard Pte Ltd has secured additional shipbuilding contracts worth a total of S$31.1 million for the construction of the following four new vessels to be delivered to various customers in Europe and Singapore:-
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. The two barges are expected to be completed by 30 June 2006 and the two offshore emergency response and rescue vessels by 30 June 2008.
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 2006.
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
20 October 2005
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