Bahrain-based Arabian Shipbuilding and Repair Yard (Asry) said that its board of directors recently held its 145th meeting and confirmed that the selection process for a new chief executive will be made before December.

The meeting, presided over by Asry’s chairman Shaikh Daij Bin Salman Bin Daij Al-Khalifa, included members from shareholding countries and the executive management, and was held at the company headquarters in Hidd, Bahrain, said a statement from the company.

Shaikh Daij revealed that the board first discussed the overall challenging situation of the market and reviewed the company’s performance, mentioning that the total sales up to the end of September was $114.5 million.

Contributing factors to the level of performance were discussed, and included regional and international economic pressure, regional competition in the shipyard market, as well as the fluctuations in oil price, it added.

With regards to the appointment of the new chief executive, Shaikh Daij said: “Both the criteria and the process of finding the ideal candidate to lead the management of our company into a new era have been very carefully considered during this transition period.”

“A combination of vision and experience will be required to maintain and strengthen our competitiveness going forward. The process is on schedule, and we will be in a position to announce a decision before December,” he added.

The board also confirmed several measures being implemented to combat the challenging conditions. These included the ongoing roll-out of cost-efficiency measures within the company, as well as the appointment of a business advisory firm to assist in the assessment and creation of the best possible forward strategy for the company’s future success, said a statement.

The consultants will be working with the Asry leadership to address the present and future challenges facing the company and propose the most effective solutions, it said.

The board finally discussed the health and safety drive recently initiated, reviewing successes from that project, and re-iterated the primary importance of safeguarding employee health and safety.

The board also agreed to appoint a new manager to oversee the branch of the company in the Eastern Province of Saudi Arabia, noting the kingdom and other GCC countries being major clients of Asry.

In closing, the board thanked the management and all the employees of the company for their sincere, hard work and efforts which was carried out in the face of severe competition, it stated. – TradeArabia News Service