ASL Marine Holdings says its wholly-owned subsidiary, ASL Shipyard Pte Ltd, has secured new shipbuilding contracts worth a total of $55 million for 30 vessels, comprising two Azimuth Stern Drive Tugs, one pipe-lay barge and 27 cargo barges.

The two of Azimuth Stern Drive Tugs are scheduled for completion by the first quarter of 2012. The barges are scheduled for progressive deliveries by the first quarter of 2011.

Revenue from these new shipbuilding contracts will be recognised over the contract period based on the percentage of completion method.

None of the directors or controlling shareholders of ASL Marine has any interest, direct or indirect, in the above transactions other than through their shareholdings in ASL Marine.