Contracts cancelled for two ASL Marine’s OSVs

ASL Marine Holdings Ltd has reached a mutual agreement with an undisclosed customer on the rescission of shipbuilding contracts for two offshore support vessels.

The company says that one of the vessels will be ready for operation by the end of the 1Q 2015 and the other in 3Q 2015.

According to ASL Marine, the Board is confident that there is demand for these vessels as the company has already started discussions with potential buyers and/or charterers for the vessels.

Unless the vessels are sold, the revenues booked to date will have to be reversed. However and regardless of the outcome of the current negotiations, the company notes that the impact of the rescission on the earnings per share of the Group for the financial year ending June 30, 2015 is unlikely to be significant.

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