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Additional Investment In PT. ASL Shipyard Indonesia

The Board of Directors of ASL Marine Holdings Ltd. (the "Company" or "ASL Marine") wishes to announce that on 1 September 2005 its Indonesian subsidiary, PT. ASL Shipyard Indonesia ("PT ASLS"), has obtained the approval of the relevant Indonesian authorities to increase its registered share capital from US$1,000,000 comprising 1,000 shares of US$1,000 each to US$3,800,000 comprising 3,800 shares of US$1,000 each.

The Company's equity shareholding in PT ASLS is 10% and the other 90% is owned by its wholly-owned subsidiary, ASL Shipyard Pte Ltd. The additional 2,800 shares of US$1,000 each will be proportionately taken up by ASL Marine (280 shares) and ASL Shipyard Pte Ltd (2,520 shares) according to the existing equity interests held.

The additional shares in PT ASLS will be issued at par for cash. The Group's investment will be funded by internal cash resources and will be injected progressively by ASL Marine and ASL Shipyard Pte Ltd according to their proportionate equity interests. The additional capital will be used by PT ASLS for its general working capital and yard development purposes.

The principal activities of PT ASLS are those relating to shiprepairs, shipbuilding and provision of related services.

The net tangible assets and earnings per share of the Company for the financial year ending 30 June 2006 are not expected to be materially affected by the above investment.

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 investment other than through their shareholdings in ASL Marine.


BY ORDER OF THE BOARD



Ang Kok Tian

Chairman and Managing Director
27 October 2005