“ASRY is preparing for continued challenges in Q4,” confirmed Magdy Moustafa, ASRY Acting Chief Executive, “as rig repair revenues stay solid but the ship repair market is yet to recover, cost efficiency measures are being rolled out,” he continued.

“The first three quarters of 2016 have largely been dominated by the same pattern: continued positive activity levels from the Offshore Services division, while ship repair revenues remain under pressure from lower confidence amongst vessel owners. Combined, these factors create only moderate confidence of reaching targets by the year end.”

“As such, multiple cost-efficiency initiatives have been implemented at the yard over the summer months, with more in discussion to be confirmed before the end of the year. It is important that during challenging times such as these, ASRY focuses on delivering our trusted levels of customer satisfaction, operational and safety excellence, but in the most cost-efficient way possible. All of us here at ASRY are committed to the priority of finding new innovative ways to meet customer requirements, despite financial constraints.”

“Meanwhile, ASRY continues to forge ahead with interesting developments before the end of the year, such as the completion of the new Landing Craft the yard is constructing on a full turn-key basis for the Bahrain Coast Guard; the inauguration of permanent workshops of more new onsite specialist contractors; as well as looking forward to the maritime awards season in the region, with two nominations already being announced for ASRY at the UAE-based Seatrade Maritime Awards, including in the  Ship Repair Innovation category and Corporate Social Responsibility category.”