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ASL Marine impacted by cancellations of two shipbuilding contracts

ASL Marine impacted by cancellations of two shipbuilding contracts
Singapore’s ASL Marine has reached an agreement with a customer to cancel shipbuilding contracts for two OSVs.

The Singapore offshore vessels builder said that unless the OSVs are resold, the revenues booked to date will “have to be reversed.”

One of the vessels will be ready for operation by the end of the first quarter of 2015 and the other in the third quarter of 2015.

“The board is confident that there is demand for these quality vessels as the company has already commenced discussions with potential buyers and/or charterers for the vessels,” Singapore-listed ASL Marine stated.

The shipbuilder added that regardless of the outcome of the current negotiations, the impact of the rescission on the earnings of the group for the financial year ending 30 June 2015 is unlikely to be significant.

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