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ASL Marine unit to build floating fish farms off Pulau Ubin
OFFSHORE and marine group ASL Marine said on Tuesday that its wholly-owned unit has secured shipbuilding contracts from the Aquaculture Centre of Excellence (ACE) for the construction of two Eco-Ark fish farms.
It did not disclose the deal amount.
Eco-Ark is a floating, closed-containment fish farm, which is said to be able to generate a higher yield of fish within a smaller space than other coastal farms.
Upon completion, the two farms will be anchored in the northern coast of Singapore near the coast of Pulau Ubin. Construction work is expected to start this month and be done by the first quarter of next year.
The farms are designed according to sustainability principles to meet the increasing demand for food fish and the Singapore government’s food-security target - fulfilling 30 per cent of the country’s nutritional needs locally by 2030, said ASL Marine.
Revenue from the contracts will be recognised in accordance with ASL Marine’s revenue recognition policy.
Barring unforeseen circumstances, the contracts are expected to have a positive, but not material, impact on the net tangible assets and earnings per share of the group for the financial year ending June 30, 2021, said the company.
Shares for ASL Marine, now on the SGX watchlist, closed at S$0.038 on Tuesday, down 0.1 Singapore cents or 2.6 per cent.