Singapore-listed ASL will kick off with five OSVs comprisingfour anchor handlers and one maintenance support vessel worth a total of SGD85m ($68m), it revealed in its third quarter earnings statement.

“On one hand, we are seeing a robust offshore oil and gasindustry on a growth trend,” said Ang Kok Tian, chairman and managing directorof ASL Marine.

“On the other hand, dire circumstances surrounding thecommercial shipbuilding industry in Asian countries have given rise to a hostof new entrants in the offshore support vessel construction scene, resulting instiff competition and lowered prices.