ASL Marine Takes Over Another Yard in $20.0m Deal

ASL Marine has, through its wholly-owned subsidiary PT. Sukses Shipyard, entered into a purchase agreement with Miclyn Express Offshore Limited (MEO) concerning the sale of PT Loh & Loh shipyard in Indonesia.

Under the agreement, signed on January 24th, PT. Sukses agreed to acquire the property of MEO’s subsidiary for the cash consideration of $20.0 million.

PT Loh & Loh yard is located at Tanjung Uncang Batam, Indonesia, in a free trade zone with industrial areas designated specifically for shipyards. The shipyard assets comprise of a 12.2 hectare site with berthing/repair quays 220m long, two ship repair slip/launch-ways and shipyard facilities (office building, fabrication shops, and machineries).

ASL Marine explained the acquisition by saying that it is in line with the overall strategy of the company to strengthen and expand its shipbuilding and ship repair capability and capacity.

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aslmarine, January 27, 2014