ASL Marine buoyed by winning shipbuilding orders worth S$132.5m

This brings the group’s new shipbuilding contracts to a total of S$454.5m so far in FY12.

The ship-repair division has also clinched conversion and upgrading works for two drilling rigs, estimated to be likely lower than S$20m in contract value.

Here's more from OCBC Investment Research:

ASL Marine (ASL) announced that it has secured contracts worth S$132.5m for the construction of five vessels: four 75-tonne bollard-pull hybrid Azimuth stern drive tugs and a platform supply vessel scheduled for delivery between 4Q13 and 4Q14. This brings the group’s new shipbuilding contracts to a total of S$454.5m so far in FY12, which ends June; about US$186.5m worth of contracts have been announced since Jan this year.

Meanwhile, the ship-repair division has also clinched conversion and upgrading works for two drilling rigs, estimated to be likely lower than S$20m in contract value. Order momentum has picked up for ASL and more work is expected.