Singaporean shipbuilder ASL Marine Holdings has entered an agreement to acquire a shipyard owned by Miclyn Express Offshore (MEO) in Batam, Indonesia for $20 million. The purchase will be made through ASL's newly formed subsidiary PT Sukses Shipyard Indonesia, according to Sea Ship News.

The yard in question is located near ASL's shipyard in Batam in the free trade zone for shipyards. The property consists of a site that spans 12.2 hectares with 220-meter berthing quays, a couple of ship repair launch ways, and shipyard facilities for shipbuilding, repair, modification, mobilization, and modular fabrication, the report detailed.

At present, ASL owns and operates four shipyards across Singapore, China, and Indonesia. According to ASL, the acquisition will help beef up and expand its capability and capacity for shipbuilding and ship repair, the report explained.

The title transfer is expected to be completed within two months after all sale and purchase conditions are met, Sea Ship News reported.