ASL Marine wraps up shipyard acquisition in Indonesia

ASL Marine Holdings Ltd. has completed the acquisition of a shipyard in Batam, Indonesia.

The company had through its wholly-owned subsidiary, PT. Sukses Shipyard Indonesia, entered into a conditional sale and purchase agreement with Miclyn Express Offshore Limited and its wholly-owned subsidiary, PT Loh & Loh Construction Indonesia, pursuant to which ASL in January 2014 agreed to acquire the Miclyn-owned shipyard in Batam, for the cash consideration of US$20.0 million. The sale is now completed.

The shipyard operates on the land located at Jalan Brigjen Katamso Km. 19 Tanjung Uncang Batam, Indonesia, being adjacent to the Group’s existing shipyard in Batam. It is located in a free trade zone with industrial areas designated specifically for shipyards with infrastructure such as roads, telecommunications, utilities and supporting services.

The shipyard comprises a site of 12.2 hectares with berthing, repair quays of 220 metres, 2 ship repair slips, launch-ways and shipyard facilities (office building, fabrication shop, and machineries) which cater for shipbuilding, vessels repair, modification and mobilisation, as well as modular fabrication services.

The seller, Miclyn Express Offshore, is headquartered in Singapore and is a leading provider of offshore vessel services. It operates a range of offshore support vessels, crew/utility vessels, tugs and barges for customers in the offshore oil and gas industry across South-East Asia, Australia and the Middle East.

“The Board wishes to announce that the Acquisition is completed. In accordance with the terms of the Agreement, the Purchaser has on Completion paid the balance of the consideration to the Vendor, and has taken possession of the Sale Assets,” ASL Marine said in a statement.