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August 22, 2005

ASL to expand Batam and Singapore shipyards

Singapore's ASL Marine Holdings Ltd. is to expand the capacity and capabilities of its two shipyards, one located in Singapore the other in Batam, Indonesia.

The upgrades include putting a 150,000 dwt capacity graving dock in the Batam yard costing approximately S$11.0 million (US $ 6.5 million), with another S$5.5 million (US$ 3.3 million) being invested in infrastructure and development work in Batam..

Both yards will be equipped with 12 gantry cranes costing approximately S$6.2 million (US$ 3.7 million).

The total investment of S$22.7 million (US $113.6 million) will be progressively paid based on work completed and funded through a combination of borrowings and internal funds.

ASL says it willl develop its Singapore shipyard into an international builder of sophisticated, high value and customized vessels of up to 70 m in length while its Batam shipyard will be capable of repairing vessels of up to Cape size class and building new vessels of up to 20,000 dwt.

With the completion of the graving drydock in the second quarter of FY2006, ASL Marine will be positioned as one of the few shipyards in the region to have Cape size shi prepair capacity and capabilities.

Mr Ang Kok Tian, Executive Chairman and Managing Director of ASL Marine commented, " We are pleased to update the investing public about our expansion plans for our shipyards. The continual buoyant marine industry has provided many opportunities for the Group. One instance is the phasing out of all single-hull tankers by 2010 as required by International Maritime Organisation. With our expanded capabilities, technical expertise and experience in building sophisticated vessels like tankers; we are optimistic that we can secure more value-added, high margin shipbuilding contracts. "

ASL Marine has secured several shipbuilding contracts involving bigger and more sophisticated vessels during the year. As at 31 December 2004, the Group had an existing outstanding shipbuilding order book of approximately S$175.4 million, of which approximately 50% of these contracts will be recognized in the financial year ended 30 June

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