Investor Relations ASL Marine Holdings Ltd

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26 February 2015

Dear Investors,

Thank you very much for the questions and the opportunities to clarify them. Your questions will be reposted in blue followed by our replies in black.

Through this online exchange, we hope you have a better understanding of our Group's businesses and strategies.

The Management Team
ASL Marine Holdings Ltd.

Dear Jayster, you wrote:

  • Will you be paying a year end dividend. Will the dividend be reduced?

    The Group constantly reviews its dividend policy. The amount of dividend to be declared at the financial year end will depend on the Group's performance and foreseeable future funding requirements including the availability of external financing for working capital and capital expenditure requirements.

Dear Wei Huat, you wrote:

  • Your gearing is quite high, do you have any plans to raise funds in the next 12 months?

    The current gearing ratio of 1.31 is mainly due to vessels under construction under the Group's Build to Stock Program comprising PSVs, AHTS and Offshore Support Vessels. Along with the sale of these vessels, the Management expects the gearing ratio to improve.

    At present the Company is not expecting any funds raising exercise from the market and in the event such exercise is being considered, an announcement will be made accordingly.

  • Why don't you spin off your chartering business as a shipping trust?

    The Company appreciates your valuable input and will do the necessary feasibility study to see if shipping trust is a good option.

Dear David Tan, you wrote:

  • Luckily you didn't venture into building drilling rigs. I heard demand for oil tankers is high to store oil offshore. Do you charter out oil tankers or repair them?

    The Group does not have oil tankers within its shipchartering fleet serving as storage tankers. The Group does undertake repair of oil tankers (up to Aframax size) besides a wide array of other vessel types in its shiprepair business.

Dear Alvin Khoo, you wrote:

  • Only your Shipchartering didn't drop much. Why is this so?

    Shipchartering revenue remained relatively constant mainly due to contributions from the charter of tug boats, barges, grab dredgers and landing crafts to customers involved in the marine infrastructure, construction (land reclamation, dredging, port construction etc) and transportation businesses (such as the transportation of precast reinforced concrete products used in the local construction industry). The income derived from the charter of offshore support vessels (OSV) is not significant.

Dear Frank Ho, you wrote:

  • How come the revenue for 2Q FY2015 for Shipbuilding is negative S$91.238 Million?

    On 6 December 2014, the Group announced the rescission of shipbuilding contracts for two units of Offshore Support Vessels ("OSV") and that unless these vessels are sold, the revenue booked in the previous financial periods and up to date of rescission will have to be reversed.

    As further elaborated in the Group's 2Q FY2015 results announcement on 12 February 2015, the Group reversed a total amount of $95.0 million in shipbuilding revenue recognised in previous financial years arising from the abovementioned contract rescission. This resulted in the negative shipbuilding revenue of $91.2 million. If the effect of reversal of the two OSV shipbuilding contracts had been excluded in 2Q FY2015, the shipbuilding revenue would have been $5.8 million.

Dear Investors,

Thank you for all your questions and the interest in ASL Marine Holdings Ltd. We have come to the end of this Q&A session.

We have enjoyed and learnt much from your questions and we hope that you have a better insight of our Group and its operations.

The Management Team
ASL Marine Holdings Ltd.