Asry Bahrain overhaul plan approved
Manama, December 16, 2013
Bahrain's Arab Shipbuilding and Repair Yard's (Asry) board under the chairmanship of Shaikh Daij bin Salman Al Khalifa has approved a package of initiatives to improve the company's position next year.
These include the reorganisation of the company's corporate structure; focus on the Saudi market with a new representative office in the Eastern Province; the promotion of Nils Kristian Berge from acting chief executive to chief executive, and the approval of next year's budget with an emphasis on control of operating expenses.
This came during the year's final board meeting last Thursday, said a report in the Gulf Daily News (GDN), our sister publication.
Shaikh Daij said the board has confirmed that the company's restructuring, to be rolled out in the first half of the year, aims at increasing efficiency and improving productivity to be able to face challenges amid severe competition and the introduction of new competitors into the limited market.
"It is imperative to continue developing the company by controlling expenses through a new modernised structure that reflects rapidly evolving market conditions," he said.
Asry has a renewed focus on the Saudi market, which holds a wealth of potential.
"This potential is a result of the strong relationships between Saudi Arabia and Bahrain in all fields, especially in economic co-operation, as Saudi is considered to be the major economic partner of Bahrain, in addition to being a shareholder in Asry," Shaikh Daij said.
"The Saudi market is significant in terms of the repair of commercial and military ships, as well as offshore platforms.
"This importance has encouraged Asry to open a representative office in the Eastern Province, which will offer our services there," he said.
The board of directors also reaffirmed the appointment of Berge as chief executive.
Berge assumed the position last September as acting chief executive.
During the interim period, he has led the transitional phase, which has been completed smoothly.
"The board has valued the efforts of Berge and his capability to lead the next phase of regional and international competition in the ship repair market," Shaikh Daij said.
"As Asry moves into a new phase of development after the completion of the expansion and diversification of income sources, the new chief executive will lead the firm confidently and capably, utilising his 25-year experience in this industry," the chairman said.
He expressed the hope that Asry will make further achievements through the increase of efficiency, improvement of productivity and working as a team comprising both management and personnel in their respective positions. - TradeArabia News Service