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ASL Marine secures S$140m in shipbuilding contracts

ASL Marine Holdings Ltd said its wholly-owned subsidiary, ASL Shipyard Pte Ltd (ASLS), has secured new shipbuilding contracts worth approximately S$140 million for the construction of a series of tugs and barges.

All of these vessels are specially designed and built for overseas customers who are engaged in the mining and marine infrastructure industries.

These projects will be executed at the group's shipyards in Singapore and Indonesia. Revenue from these new shipbuilding contracts will be recognised over the respective contract period in accordance with the group's revenue recognition policy basing on the percentage-of-completion method.

ASL Marine said these contracts are not expected to have a material financial impact on the net tangible asset and earnings per share of the group for the financial year ending June 30, 2016.