Board Approves Package of 2014 Initiatives

MANAMA: The Board of Directors of ASRY under the chairmanship of His Excellency Shaikh Daij bin Salman Al-Khalifa, has held the year’s final board meeting, in which a package of initiatives were approved to improve the company’s position in 2014. These include the re-organisation of the company’s corporate structure; the focus on the Saudi market with a new representative office in the Eastern Province; the promotion of Nils Kristian Berge from Acting Chief Executive to Chief Executive, and the approval of the 2014 budget with an emphasis on the control of operating expenses.

His Excellency Shaikh Daij said that the Board has confirmed that the Company’s re-structuring, to be rolled out in the first half of 2014, aims at increasing efficiency and improving productivity in order to be able to face challenges amidst severe competition and the introduction of new competitors into the limited market. “It is imperative to continue developing the Company by controlling expenses through a new modernised structure that reflects rapidly evolving market conditions”, Shaikh Daij said.

At its meeting held last Thursday, 12 December 2013, the Board of Directors also focused on the Saudi market, which hold’s a wealth of potential. “This potential is a result of the strong relationships between Saudi Arabia and Bahrain in all fields, especially in the economic cooperation, as Saudi Arabia is considered to be the major economic partner of Bahrain, plus the fact that Saudi Arabia is a shareholder in ASRY”, Shaikh Daij added.
“The Saudi market is significant to ASRY in terms of the repair of commercial and military ships, as well as offshore platforms. This importance has encouraged ASRY to open a representative office in the Eastern Province of Saudi Arabia, which will offer ASRY’s services there”, Shaikh Daij pointed out.

The Board of Directors also reaffirmed the appointment of Nils Kristian Berge as Chief Executive of the Company. Berge assumed the position last September as Acting Chief Executive Officer. During the interim period, he has led the transitional phase, which has been completed smoothly. “The Board has valued the efforts of Mr. Berge and his capability to lead the next phase of regional and international competition in the ship repair market”, Shaikh Daij stated.

“As ASRY moves into a new phase of development after the completion of the expansion and diversification of income sources, the new Chief Executive will lead the firm confidently and capably, utilizing his 25 year experience in this industry”, the Chairman said. He expressed his hope that ASRY will make further achievements through the increase of efficiency, improvement of productivity and working as a team comprising both management and personnel in their respective positions.

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