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SINGAPORE : Singapore-listed ASL Marine Holdings said its unit has secured new shipbuilding contracts worth a total of S$55 million for 30 vessels.
These include two Azimuth Stern Drive Tugs, one pipe-laying barge and 27 cargo barges.
The two Azimuth Tugs are scheduled for completion by the first quarter of 2012.
The barges are scheduled for progressive deliveries by the first quarter of next year.
ASL said revenue from these new shipbuilding contracts will be recognised over the contract period according to the Group's revenue recognition policy, which is based on the percentage of completion method.
The company said these contracts are expected to have a positive financial impact on the earnings of the firm for the financial year ending June 2011.
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