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ASRY hits first quarter revenue record

ASRY hits first quarter revenue record
Bahrain shipyard ASRY has announced a record-breaking first quarter revenue of $54m. The results surpass all previous Q1 revenues for the company since its inception in 1977.    

Revenues were driven by the company’s ship repair and offshore repair segments. The company cited repeat business from Kuwait Oil Tanker Company, Middle East Ship Management, United Arab Shipping Company, Red Sea Marine, Vela International Marine and others, combined with a 10% rise in contract prices over Q1 2012.
 
ASRY also reported an increase in German and Singaporean business, which the company said amounted to a “satisfying mix”.
 
"We're pleased to see a response from our recent investment in expansion," said chief executive Chris Potter. "By investing in creating a yard that now has the leading variety of facilities and capabilities, the market seems to be welcoming a fully diversified marine complex.”