Bahrain-based Asry is well-placed to graduate from being a ship repair yard to a multi-service marine complex, the company's chairman said, adding that its $188 million expansion programme is now largely complete.

"Asry's future will no longer be solely dependent on ship repair, but on a variety of marine expertise that opens up exciting new revenue streams going forward," chairman Shaikh Daij bin Salman Al Khalifa was quoted as saying in the Gulf Daily News, our sister publication.

The new strategic positioning follows the completion of a diversification process that has split Asry into four distinct business units: ship repair services, which will continue to remain the core business; offshore services; consulting services and energy services, the company said.

"Through this new configuration, global customers can experience the advantages of Asry that have made it the leading repair complex in the region," Shaikh Daij said.

"These advantages are four-fold - firstly, it is the most experienced marine facility in the region with 35 years of repair knowledge. Secondly, Asry is one of the most flexible yards due to the recently expanded 4km of berth space.

"Thirdly, it is an integrated repair destination that includes all in-house representation of all suppliers and contractors required for a turnkey repair job. And finally, Asry boasts leading turnaround times in the region thanks to Bahrain's business-friendly administrative, legal, and customs processes," he added.

The company is in the final stages of drawing the next strategic plan starting this year.

"The plan will define where we want to be in five years from now, how to arrive there in the most effective manner, while also furthering capabilities, productivity and standards of service to regional and international customers," Shakh Daij said.

The yard saw an increase in revenues of 5.23 per cent from 2011 to last year.

"Last year's revenues were $177 million from 185 vessels repaired, compared with $168 million from 200 vessels in 2011.

"Considering the ongoing market depression and increasing regional competition, especially from the new shipyards or from existing yards in the region which have expanded their capabilities, posting a profit is impressive in itself, let alone carving out further growth," he said.

"Asry is also strongly committed to protecting the maritime environment in the region and has committed more than $3 million over the past two years to environmental considerations," he added. – TradeArabia News Service