Latest News
April 2010
Asry approves corporate governance policy
MANAMA: Asry approved proposed corporate governance policy which refers to the set
of rules, regulations, systems, procedures and best practices by which the company is
directed, administered and controlled.
The policy also sets to enhance Asry's shareholder value over a long term and enable
it to achieve high standards of business integrity, ethics and professionalism across
all its activities.
It was approved at the board of directors meeting presided by chairman and Bahrain's
representative Shaikh Daij bin Salman bin Daij Al Khalifa, attended by representatives
of shareholding countries Saudi Arabia, Qatar, Kuwait, the UAE, Iraq and Libya.
This policy reflects the board's commitment in defining responsibilities, setting high
professional and personal conduct standards and assuring compliance in accordance to the
corporate standards.
The board was also informed on the progress of the expansion project including the
construction of a quay wall for ship repair and offshore services which is expected to
be completed by December next year.
The board reviewed and approved the financial statements and auditors' report and
raised a recommendation to the general assembly to approve them, said Shaikh Daij.
The board was also informed regarding the financial results during the first three
months of the year as the company's ship repair sales reached $33.8 million, and 35
vessels were repaired.
The board approved the organisation structure of the company and recommended the
general assembly be asked to approve the amendment of the memorandum of association
and statutes of the company and internal regulations of the board of directors.
The board also reviewed proposals and information related to administrative, marketing
and technical matters.
December 2009
ASRY's expansion project on target
As a major part of its expansion plan, Arab Shipbuilding and Repair Yard Co
(ASRY) awarded a design and build contract for the construction of a 1380 m
quay wall to Bahrain based Nass Contracting, following a competitive international
tender.
The signing ceremony was held at ASRY on December 3rd 2009, attended by ASRY's
Chairman, H.E. Shaikh Daij Bin Salman Bin Daij Al Khalifa, Nass Contracting Chairman,
Mr. Abdulla Nass, and top management executives of both companies.
The US$ 80 million contract comprises the construction of a 1200 m quay wall,
with a water depth of up to 12 m, designed to receive 300,000 DWT vessels as well
as a 180 m berth for 40,000 DWT vessels.
The quay wall, which will have the first 400 m delivered by end of 2010, shall
be fully operational by end of 2011. It will be equipped with all services,
utilities and cranage required for providing efficient alongside repairs.
The project, reviewed by Consulting Engineers, Haskoning U.K. ltd, also includes
the construction of all support facilities & infrastructure necessary to ensure a
high level of reliability to ASRY's valued customers. The said support facilities
and infrastructure are currently in the design phase and are planned for tendering
in the 2nd quarter of 2010.
June 2009
ASRY achieves US$ 66 million income in the first five months of 2009
ASRY's Board of Directors, held its 116th meeting which was presided by H.E.
Shaikh Daij Bin Salman Bin Daij Al-Khalifa, ASRY's Chairman and representative of
the Kingdom of Bahrain. Also attendants were representatives of the remaining
shareholding countries, i.e. the Kingdom of Saudi Arabia, the State of Qatar, the
State of Kuwait, the United Arab Emirates, the Republic of Iraq and the Libyan
Arab Jamaheeria.
After the meeting Shaikh Daij made the following announcement:
The Board reviewed ASRY's financial and operational results for the first 5 months of
2009 in which the Company achieved net operating income of US$ 66.118 million and the
number of vessels repaired during this period reached 69.
The Board thanked the Management and all the employees of the Company for their
sincere and hard work which was carried out in the face of severe competition.
The Board listened to two reports regarding the activities of the Executive Committee
and the Project Development Committee and commended the efforts of these two committees.
The Board of Directors also listened to a presentation from the Management regarding the
latest financial feasibility study of the Company's Strategic Plan for the years 2008-2012
and accepted its recommendations.
The Board also reviewed a number of proposals related to investment, corporate governance
and cost saving projects.
June 2009
Iraqi Representative
Following completion of their tenure as Board Members of the Arab Shipbuilding &
Repair Yard (ASRY), H.E. Shaikh Daij Bin Salman Bin Daij Al-Khalifa, ASRY's Chairman,
presented two commemorative gifts to Mr. Salah Aziz Karim and Mr. Nabeel Abdul Ghafoor
Ahmed, the Directors representing the Republic of Iraq. The gifts were received on their
behalf by Mr. Nazar Hussain Al-Hafidh, the new Iraqi Director in the presence of all
other Board members, representing the shareholding countries.
Shaikh Daij expressed his thanks to the efforts made by the two former Directors and
wished them every success.
April 2009
ASRY's Board Meeting
ASRY's Board of Directors, held its 115th meeting which was presided by H.E. Shaikh
Daij Bin Salman Bin Daij Al-Khalifa, ASRY's Chairman, representative of the Kingdom of
Bahrain and was attended by representatives of the remaining shareholding countries,
i.e. the Kingdom of Saudi Arabia, the State of Qatar, the State of Kuwait, the United
Arab Emirates, the Republic of Iraq and the Libyan Arab Jamaheria.
After the meeting Shaikh Daij made the following announcement:
The Board reviewed and approved the financial statements and Auditors' Report for
2008 and raised a recommendation to the General Assembly to approve them and another
recommendation to distribute dividend to the shareholding countries.
The Board was also informed regarding the financial results during the first two
months of 2009 as Company's net operating income reached US$ 24.2 million, and 22
vessels were repaired, many of which were VLCCs.
The Board thanked the Management and all the employees of the Company for their
sincere and hard work which was carried out in the face of severe competition.
H.E. Shaikh Daij Bin Salman Bin Daij Al-Khalifa was elected Chairman for the Marketing
Company (ASRYMAR), Dr. Hussain Mohamed Al-Derbasti and Mr. Khalid Ali Al-Hosani as two
Board members for the period 01/06/2009 upto 06/01/2011.
The Board also reviewed a number of proposals and information related to
administrative, marketing and technical matters. They also were briefed regarding
plans for continuous improvement.
March 2009
ASRY to ride out economic storm
Bahrain-based Arab Shipbuilding and Repair Yard Co (ASRY) has posted record-breaking
figures for 2008.
Both Chairman, H.E. Shaikh Daij bin Salman bin Daij Al-Khalifa and Chief Executive
Chris Potter were pleased that the yard’s sales in 2008 broke the US$200 million mark.
They said that ASRY would ride out the economic storm.
"ASRY is now debt free for the first time in its history," said Shaikh Daij, "and we
have a strong cash flow. In the past year or so we’ve put new policies in place and these
have paid off."
In 2008 the Bahrain shipyard had sales of US$207.5 million, the best year in its
history. The yard performed repairs on a total of 133 vessels and offshore craft; 119
in drydock and 14 alongside.
ASRY's customer base is traditionally split between vessels owned by Arab operators and
the international shipping market. Last year saw 72 vessels repaired from the international
market, valued at US$112.30 million, and 61 vessels from the Arab market, valued at US$95.19
million. A total of 20 vessels came from the Saudi Arabia market, 17 from Bahrain and 13
from Kuwait.
Mr Potter noted that the start to 2009 was not bad, but that February was a tough month.
"We are receiving a high level of enquiries, but the actual value of individual contracts is down on
last year," he said.
The average vessel repair contract in 2008 was US$1.56 million. In looking at 2009, Mr Potter said that
he would be happy if the yard could achieve the same level of sales as in 2007 (US$170 million), but it
was too early to make a call on that at present.
August 2008
AOS (ASRY Offshore Services) Awarded First Contract.
Newly established Arabian Gulf oil and gas specialist ASRY Offshore Services (AOS) has won its first major contract, the upgrading of Hercules Offshore’s jack-up drilling rig Hercules 170.
Hercules 170, owned by US-headquartered Hercules Offshore and operated by its Doha, Qatar company, was built in Singapore in 1981 and is a Sonat Offshore cantilever jack-up design capable of operating in water depths of 170ft. The rig is now working in the Arabian Gulf region and will arrive at ASRY’s shipyard in Bahrain later this year for a work package that includes a number of upgrades to increase its performance and drilling capabilities. The work will include installing a new larger portside crane, additional generators, modifications to the lifeboats and also upgrade of the drilling systems, with work on the mud pumps, as well as blasting and panting of the hull and legs.
AOS was established at the start of 2008 and the Hercules 170 contract is typical of the work that will be attracted to this new, major, Arabian Gulf-based oil and gas fabrication and repair specialist. ASRY has over recent years seen a rapid growth in the offshore markets in the Arabian Gulf region and based on its own track record and expertise in the repair and conversion work on specialist vessels and rigs, has now established a separate operating company within ASRY to concentrate on this market.
AOS will specialise specifically in the offshore oil and gas industries and will be undertaking work both onshore and offshore, from fabrication work for platforms to life extension programs for rigs and maintenance and repair work on offshore support vessels. A large new offshore fabrication area will be built within the next 18 months.
AOS’ new purpose built offices have just been completed and now houses all of the company’s specialist offshore staff. The new office block is located alongside the Bahrain shipyard’s two new slipways, among the largest of their type in the world, which came into operation this May. Both slipways, with a dry berth length of 255m each and capable of accommodating vessels with a maximum size of 140m x 20m, are now fully operational. A recent visitor to the new slipway facility was Rising Flag Worldwide’s 2008-built OSV Tag Blue Hawk. A further six offshore vessels, the Atco Sharifa, Atco Taibah. Huta 35, CCC Pioneer, Farouk and Martec 250 are already booked for docking later in August 2008.
Meanwhile, AOS has appointed Palitha Jagathpriya as Project Engineering Manager as well as appointing Kvasir Group as its Agents in Qatar, with Rob Bryant heading-up their operations. Rob is based in the new AOS offices in ASRY.
At present AOS is in discussions with a number of drilling rig owners about work on their vessels as well as with offshore contractors for fabrication support services. At present, AOS has some 10,000 sq m of fabrication area available in the yard as well as strengthened quays for load-out operations of offshore steel structures.
For further enquiries contact:
Peter Thornton,
Sales & Marketing Director
ASRY Offshore Services (AOS)
Tel: +44 20 7318 9800
Email: peter.thornton@asrymar.co.uk
July 2008
Another busy quarter for ASRY
Since the beginning of 2008 ASRY has had an unprecedented period of business with exceptional high demand for all its services across the whole spectrum of operations, from conventional shipping through to offshore vessels. The second quarter has again proven to be very busy with dock space at a premium. The new slipway became operational in May 2008 and there has been a steady increase in demand for their services with a number of ship owners booked in for later in the year. These two slipways are proving to be a great success with owners and the yard, since it allows for a fast turn around for these smaller class of vessel using the slipways, also it frees up the other docks to take the larger vessels.
Demand has remained high with a total of sixty two vessels repaired during the first half of the year with a sales value of US$ 103.14 million. Overall, ASRY has obtained seventy-nine confirmed bookings for the year to date and the third quarter indications are looking equally promising. The range of vessels repaired have included some nineteen tankers along with a variety of other vessels, these have included Container ships, LPG/C, Chemical carriers, Ro-Ro, Dredgers, Tugboats, Offshore crane ships, construction jack-up rigs and the Asto Canopus, an FSO destined for the Al Shaheen field off Qatar for Maersk Oil. This again clearly shows the diversity of ASRY and its ability to address the needs of all types of vessels for its clients around the world.
As expected, there has been no let up in number of enquiries received for the yard and at this rate all indications are that 2008 will be a further record year for ASRY. As with last year the level of demand for dock space remains extremely high with owners confirming bookings for their vessels well into 2009. This is now a perpetual problem for all yards around the world and owners are now starting to realise that they are going to have to forward plan if they want to get their vessel docked. ASRY is cognisant of this problem and is doing everything to accommodate owners who are forward planning their dockings.
The large number of contracts won over the first six months have come on the back of some 226 specifications received, again an increase on the same period as last year. This has resulted in dock occupancy rates remaining consistently high with the Graving Dock achieving 100%, likewise the two floating docks have seen increases in occupancy, with 100% for Floating Dock Number 2 and 98.9% for Floating Dock Number 3.
Again the International markets have been successful over the first half of the year with some forty vessels repaired. Similarly the Arab markets have had twenty-two vessels repaired. As with any successful yard there were a number of multiple dockings from a variety of owners including Petrobras from Brazil with six vessels. Arab Maritime Petroleum Transport Co from Egypt, Kuwait Oil Tankers from Kuwait and Red Sea Marine Services and Mideast Shipmanagement /NSCSA from Saudi Arabia. Also from NPCC in the U.A.E and Springfield Shipping Co. Panama S.A and Vrontados S.A from Greece. Varun Shipping in India, BW Gas ASA, Klaveness Maritime Logistics, Odfjell ASA and Red Sea Marine Services from Norway and Zodiac Maritime from the UK.
Vessels which have been repaired during the second quarter have included the Al Shuhadaa 285,117 dwt and the Al Salheia 310,453 dwt from Kuwait Oil tanker Co.S.A.K, the Aries Star 316,476 dwt from Vela International Marine, Dorado 304,622 dwt from Dynacom Tankers Management, Theareston 69,637 dwt from Good Faith Shipping Co SA, Astro Canopus 320,000 dwt from Kristen Navigation Inc, Kyla 134,806 dwt from Kyla Shipping Co.Ltd, and the Olympic Liberty 304,992 dwt and Olympic Loyalty 303,184 dwt from Springfield Shipping Co, Panama S.A. The Iran Astara 99,087 dwt from National Iranian tanker Co, the Berge Ragnhild 63,254 dwt and the Berge Rachel 63,296 dwt from BW Gas ASA.
During the first half of the year, over 4.1 million dwt of vessels were repaired by ASRY with 30.61% coming from the Arab Markets and 69.39% from the International Markets.
New Slipway in Operation
The two new slipways came into operation in May this year and are proving a great success, freeing up the floating docks to concentrate on the larger vessels. There have been a number of repairs completed to date and the demand is now starting to pick up, particularly for the smaller more specialised vessels such as Offshore supply boats and Anchor handlers. There have also been repairs completed on tug boats and landing craft, showing the diversity of vessels which they are capable of handling.
AOS - ASRY Offshore Services
Since the inception of this new venture at the end of 2007, progress has been rapid with AOS starting to establish itself as a major operating company in the Arabian Gulf region. A new office block has been built in the yard, specifically for AOS and it is due for completion by the end of July 2009. Permanent staff will be moving into these new buildings and AOS will be attending the forthcoming Offshore Oil and Gas Exhibition in Doha in October, where it will have a stand exhibiting its services and facilities.
AOS has appointed Palitha Jagathpriya as its project Engineering Manager and has also appointed the Kvasir Group in Qatar as its Agents, with Rob Bryant heading up their operations. He will be based in the AOS offices in ASRY but travelling to Qatar on a regular basis. At the moment AOS is in discussion with a number of drill rig owners about contracts for their rigs as well as contactors for fabrication support services. AOS have some 10,000 sq metres of fabrication area available in the yard as well as strengthened quays for load out operations of offshore steel structures.
Recent offshore vessels repaired in the yard have included the FSO Astro Canopus, a FSO for the Al Shaheen field off Qatar, operated by Maersk. Also three heavy lift crane ships, the HLS 2000 and DLB 1000 for NPCC and the DLB KP1 for J.Ray MacDermott, there was also the jack-up rig Arabiyah 4 in for work for Saudi Arabian Oil co, along with three offshore supply boats, evidence that ASRY is now becoming a recognised centre for the offshore industry.
Steel work, Painting and Blasting
The demand for blasting and painting during the first six months of 2008 is again up on last year, with some 3.0 million square metres of painting completed along with over 523,000 square metres of blasting work undertaken at the same time. This level of blasting and painting work has increased over the same period as last year by 12% and again clearly illustrates the fact that ASRY is one of the major ship repair yards in the world, which is consistently in demand for such high quality work.
Steel work repairs and renewals were also high, totalling some 3.85 thousand tonnes on a par with last year, while there were fort-seven boiler repairs completed, up 56% on last year.