Bahrain-based Arab Shipbuilding & Repair Yard (Asry) said its offshore division Asry Offshore Services (AOS) has reported record revenues for 2012.

AOS, the offshore division of Arab Shipbuilding & Repair Yard (Asry), is now entering a period of consolidation in which the rapid growth of the past five years can 'bed down,' reported the Gulf Daily News, our sister publication, citing company officials.

"It's far more important for us that we continue to deliver top quality service, rather than compromising on quality for the sake of larger jobs," AOS general manager Andy Shaw said yesterday ahead of the release of its annual review and results.

"So rather than expansion, in 2013, we will primarily be focusing on consolidation," he noted.

The Saudi Arabian market, currently the most important for the company, would remain a focus area, with the land rig business in that country, being an area of interest, said Shaw.

"Construction of rigs," he said, "is definitely something we have been investigating, having had several enquiries from clients."

"However, again, it is vital that this endeavour is approached with quality as a priority rather quantity. Therefore we are researching lift-boat size rigs and land rigs, rather than drilling rigs," said the top official.

"The small to medium rig construction segment has enough potential for it to definitely be on our near-future radar," Shaw added.-TradeArabia News Service