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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama