ASL sees red

ASL Marine Holdings (ASL) reported a fiscal fourth-quarter loss Thursday but the deficit didn’t catch industry observers off guard.

The Singapore-quoted shipbuilder and offshore operator issued a profit warning two weeks ago, which is why few were surprised to see $3.4m worth of red ink.

ASL blamed the result, which was described as “regrettable”, on the recent cancellation of an offshore support vessel and the delayed deliveries of two others.

In a note to investors management insisted the deficit was “an anomilie” and assured shareholders that the tides will turn in the months ahead.

“While the cancellation and delayed delivery of OSV vessels overshadowed certain segments, underneath that, we had relatively steady/good performance across the business segments,” added ASL chairman Ang Kok Tian.

“With the continued competition and challenging market conditions, the Group remains focused to improve productivity so as to minimize project costs over-run and ensure timely delivery of vessels to our customers.”

At last check ASL’s newbuilding backlog included $321m worth of contracts to construct 28 ships on behalf of third-parties. Going forward, it believes oil prices have hit levels that should drive more deals in the months ahead.

ASL’s earnings report and other regulatory filings can be read in full by clicking on the links located under the Related Media section to the right of this article