Thursday, July 1, 2010

Bahrain: Asry's ship repair sales top $59m

Posted by newsonline at 11:55 PM 0 Comments

Arab Shipbuilding and Repair Yard Company (Asry) said its ship repair sales reached $59.423 million for the first five months of the year with 82 vessels repaired.

At the 120th board meeting of the company on Wednesday, the directors were updated on progress on the $188m expansion programme, which, among other things, will see a new 1,380-metre repair quay wall as well as a large new offshore fabrication area.

Out of the 1,380m quay wall, 400m will be ready by the end of this year and a further 800m along with a 180m return will be available by the end of next year.

"I am pleased with the progress of the construction work on the quay wall project," said Asry chairman Shaikh Daij bin Salman bin Daij Al Khalifa.

"We also look forward to the completion of work on a new modern administration building by August this year.

"The new building should lead to better efficiency and more conducive working environment," he said.

"When the ongoing expansion programme is completed, it will significantly enhance Asry's capacity and further strengthen its position as a major ship repair yard in the region.

"This will position the company well to withstand the increasing competition in the market and to take advantage of the opportunities that will arise from the anticipated recovery in the global economy, especially in the shipping industry," he added.

Board members signed documents in compliance with disclosure and other requirements of the Corporate Governance Policy already adopted by the company in a step to ensure transparency in all company dealings and activities and to set an example that cascades throughout the organisation.
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