Bahrain-based Arab Shipbuilding and Repair Yard (Asry) plans to set up another floating dock entailing a multimillion dolalr investment, the company's chief executive said.

"Over the next five years, not only will we look at upgrading and expanding existing facilities, but also additional capabilities for new kinds of business," Chris Potter was quoted as saying by the Gulf Daily News, our sister publication.

Potter was responding to questions following the launch of a commemorative book documenting the company's rise to the top of the regional marine industry.

"We also plan to set up a branch office in Saudi Arabia to better access the high volume of petrochemical transportation business in that country," he added.

"The yard has been functioning at near-full capacity so far this year and we expect the momentum to continue. We expect to execute 220-240 projects for the whole of this year, which is looking much better than last year.

"Under the new five-year strategy, there will be a period of consolidation until there is a substantial improvement in the market," he said.

"The recent time has also seen an increase in competition, particularly in the region, which makes it even more difficult for everyone as the recessionary phase continues," he added.

"Revenues are a factor of what customers are spending on repairs. We are also witnessing a balancing of the yard's business in a variety of areas. There is a balance being maintained between the two primary revenue generators - ship repair and offshore repair," he noted.

"Both streams are of equal importance now, signalling a gradual recognition that Asry is graduating to a multi-service proposition," Potter said.

He added that the fact that international and regional customers were choosing Asry in equal measure, was a testament to its growing global reputation, as was the diversification of business across sectors.

Looking ahead, Potter said the yard would look to accelerate its international marketing.

The publication is a compilation of exclusive historical imagery and documents that give an insight into the development of one of Bahrain's pillars of economic activity.

It was put together by Asry's public relations consultant Ahmed Abdulla Al Rayes. The idea of the book was initiated by chairman Shaikh Daij bin Salman Al Khalifa.

The book is in both Arabic and English and is intended to be a reference for researchers in shipbuilding business in the region, Potter said. – TradeArabia News Service