ASL Marine secured new shipbuilding contract worth S$38.5.
The Board of Directors of ASL Marine Holdings Ltd. (the "Company" or "ASL Marine") is pleased to announce that the Company"s wholly-owned subsidiary, ASL Shipyard Pte Ltd has secured a new shipbuilding contract from an oversea customer worth approximately S$38.5 million for one unit of Diving Support Vessel with fire fighting standby and rescue capabilities. The vessel is expected to be completed in the fourth quarter 2011.
Revenue from the new shipbuilding contract will be recognised over the contract period in accordance with the Group's revenue recognition policy, which is based on the percentage of completion method.
The contract is not expected to have a material financial impact on the consolidated net tangible asset and earnings per share of the Group for the financial year ending 30 June 2010.
None of the Directors or controlling shareholders of ASL Marine has any interest, direct or indirect, in the above transactions other than through their shareholdings in ASL Marine.