ASL getting S$99.9m club loan facility

Singapore

MAINBOARD-listed ASL Marine has lined up a new S$99.9 million five-year club term loan facility to tide over the multi-year downturn in the offshore and marine (O&M) industry.

ASL Marine's chairman and managing director Ang Kok Tian told The Business Times in an exclusive interview on Monday that the vessel owner-operator and shipbuilder has taken on the new loan facility as part of a three-pronged strategy to build a cash buffer for the prolonged sectorial winter.

With no recovery visible in sight in the O&M market, bank credit has been tight for ASL Marine and other O&M-expose…