SINGAPORE (July 7): ASL Marine Holdings has secured shipbuilding contracts for the construction of two units of Eco-Ark Floating Fish Farms from Aquaculture Centre of Excellence Pte Ltd on Tuesday.

The contract was signed by ASL Marine Holdings’ wholly-owned subsidiary, ASL Shipyard.

Upon completion, the two units of Eco-Ark, which is designed with sustainability principles will be anchored in the northern coast of Singapore near the coast of Pulau Ubin.

ASL Marine Holdings says revenue from the contracts will be recognised in accordance with the company’s revenue recognition policy.

The building of the Eco-Ark is expected to commence in July 2020 and completed by 1Q21.

Shares in ASL Marine Holdings closed 0.1 cent lower, or 2.6% down, at 38 cents on Tuesday, prior to the announcement.