The Norwegian resigned from the Bahrain-based pan-Arab shipyard in August after just shy of three years at the helm for what were described at the time as family reasons. Magdy Mustafa, who has served the company for 38 years in various roles, has stepped in as acting ceo since September 1 in addition to fulfilling his current responsibilities as ASRY’s procurement and contracts gm.
However, ASRY’s Chairman, H.E. Shaikh Daij Bin Salman Bin Daij Al-Khalifa, has confirmed the selection process for a new ceo was proceeding “according to plan” ahead of official announcement “before December 2016”.
“Both the criteria and the process of finding the ideal candidate to lead the management of ASRY into a new era have been very carefully considered during this transition period,” he said.
“A combination of vision and experience will be required to maintain and strengthen ASRY’s competitiveness going forward.”
ASRY’s Board of Directors confronted the challenging market conditions at their recent 145th meeting at the company’s Hidd-headquarters on 13 October. Regional and international economic pressures, regional competition in the shipyard market, as well as the fluctuations in oil price have squeezed ASRY’s profits in 2016 with total sales to the end of September 2016 confirmed at $114.5m. No comparative data was disclosed.
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ASRY outlined measures to combat the challenging conditions including the appointment of a business advisory firm to assist in the “assessment and creation of the best possible forward strategy for the company’s future success”.
ASRY’s facilities include a 500,000 dwt drydock, two floating docks of 252mtr and 227mtr in length, 15 repair berths with a total length of approximately 4,000m, twin 255mtr slipways, as well as a full range of workshops and service centres.
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