ASL to build 3 Tugs and 1 Seismic Support Vessel

ASL Marine Holdings Ltd. has orders for the construction of three Infield Support Vessels (of ART 100-42 class Rotor® Tugs design) and one unit of Seismic Support Vessel (“SSV”).

The orders are secured from customers in Australia and Norway respectively. The orders are worth approximately S$91 million (USD 72.5 million).
The four vessels will be built at the Group’s shipyard and are expected to be completed in the first quarter of 2016.

Revenue from these new shipbuilding contracts will be recognised over the respective contract period in accordance with the Group’s revenue recognition policy based on the percentage of completion method.

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 30 June 2014.

S$91