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ASRY HAS INVESTED IN A MASSIVE NEW 1.38KM REPAIR QUAY WALL AND OFFSHORE FABRICATION AREA, TO MEET THE NEEDS OF A GROWING OFFSHORE ENERGY BUSINESS IN YOUR REGION. PLEASE DISCUSS THE RATIONALE BEHIND THIS INVESTMENT AT THIS TIME?The investment of $188m in a facilities expansion program during a major reces-sion was a calculated risk. The time was right for ASRY to move forward into a new phase in its history. ASRY had to change. The yard needed more alongside repair space, as we were having to work on vessels double or even triple berthed. The new repair Quay Wall is designed for both ships, three 300,000dwt vessels simultaneously, and jack-up rigs. We also saw a niche in the offshore fabri- cation market ? hence the establishment of our offshore division, ASRY Offshore Services (AOS) and the new fabrication area. I see great potential in the offshore oil and gas sector, with AOS contribut- ing 40% of all sales in 2011, mostly for jack-up repairs and upgrades. I see this sector growing more and more. We also needed the new facilities to successfully face the competition from the new yards opening in Oman and Qatar. ASIDE FROM THE OFFSHORE MARKET, WHERE DO YOU SEE POSITIVE OPPORTUNITIES, BY MARKET SECTOR, FOR GROWTH IN THE COMING 12 TO 24 MONTHS?As mentioned previously, we see great potentialin the naval repair sector. We are increasingly working for the US Navy?s 5th Fleet which is homeported in Bahrain, as well as working on vessels for the Royal Navy. ASRY has a cooper- ation agreement with the UK shiprepair A&P Group for the repair of Royal Fleet Auxiliary vessels operating in the Ara- bian Gulf. With more vessels arriving to make up the Coalition Forces ß eet in the region, there is de Þ nitely more work to be gained from this sector. Our two large slipways, among the biggest in the world, are ideal for the docking of large anchor-handling tug/offshore sup- ply vessels, a market that we are further developing. Meanwhile, on the more $UDE6KLSEXLOGLQJ 5HSDLU<DUG&R$65< Maersk Idaho was in ASRYs massive dock for general repairs during MarPros December 2011 visit. (Photo: Greg Trauthwein) 22 | Maritime Professional |1Q 2012