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ASL Marine warns of Q4 loss hit by delivery delays, cancellation

ASL Marine warns of Q4 loss hit by delivery delays, cancellation
ASL Marine has warned of a fourth quarter loss as it is hit by delivery delays and cancellations.

The Singapore-headquartered offshore vessel builder said that it would report a loss for its fourth quarter ended 30 June 2014.

Singapore-listed ASL Marine said the loss was due to the delay delivering OSV newbuildings, which had resulted in cost overruns and the cancellation of one vessel by an undisclosed client.

ASL Marine said it is in discussions with other owners to try and sell the newbuilding or to charter it. “As the vessel is currently at its final stage of commissioning and will be ready for operation by the end of this calendar year, the management is confident that there is demand for this quality vessel,” it said.

The company was also hit by lower ship repair and conversion revenues on several service rigs, and these revenues will now be recorded in FY2015.

Despite a loss in the fourth quarter ASL Marine expects to make a profit for FY2014 as a whole.

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