Bahrain will soon have floating power barges to provide electricity in cases of natural disasters or shortages which will be manufactured as JV between Asry and British company Centrax.

HRH Prince Salman bin Hamad Al Khalifa deputy of His Majesty King Hamad and Crown Prince lauded the Asry's strides which is a proof of efforts exerted to upgrade the kingdom's industrial and maritime sectors.

This came as the Deputy King, deputized by His Majesty attended the launch of Asry's 35th anniversary celebrations at the shipyard in Hidd. It was held under His Majesty's patronage. Asry is an 'iconic monument' that embodies the success of regional and international co-operation.

Mr Shaikh Daij bin Salman Al Khalifa chairman of Asry said that the barges can be used to provide much needed power if regular power stations are crippled by natural disasters. The new company has started the process of building two of these barges.

Mr Al Khalifa said that the massive new BHD 71 million repair facilities include a 1,380 meter quay wall. These new facilities will dramatically increase production capacity and enable us to repair offshore vessels and oil rigs a new business area in which the company is rapidly growing.

He said that over the past three decades, Asry has played a vital role in supporting and strengthening our national economy, using state of the art shipbuilding and repair technology. Hundreds of new jobs have been created for Bahrainis in various specializations radically developing the ship repair industry regionally and internationally. None of these accomplishments would have been possible without efforts of the company's executive management and employees.

He said that without those efforts, we would not have been able to achieve such results in all of the company's activities. Asry continued to grow and increase production levels, improve services and maintain a leading position in the industry. This is while working to minimize negative impacts of the recent financial and economic crisis and confront the ever rising competition in the industry.

Mr Abbas Ali Naqi secretary general of Organization of Arab Petroleum Exporting Countries said that Asry emerged as a significant Arab landmark, thanks to its expertise and qualified human resources. It managed to bring state-of-the-art shipbuilding and repair technology to the region, and, in the process, develop a trained Arab workforce in the manufacture of hydrocarbon tankers and shipbuilding and repair industry.

Mr Naqi said that the project also created job opportunities in this sophisticated sector which involved electrical, mechanical and electronic technologies. Mastering those skills would not have been easy without the determination and resolve of the concerned decision makers. The project represents a strong boost for Arab economies as a whole and the economy of Bahrain in particular.

He said that last year was challenging for the company and world markets in general as well as the maritime and shipyard industry in particular. This was a result of the global financial crisis and the difficult economic conditions that the economies of many countries faced and are still facing.

He added that Asry also faced and was still facing stiff competition in the industry. But despite these tough conditions the company managed to overcome the difficulties in the H1 of this year and achieve good operational results. Asry made expanding its business and achieving the highest levels of progress and development a top priority. Ambitious programs such as the current expansion project and other forthcoming projects are dedicated to achieving those goals.

Mr Chris Hayman chairman of Seatrade said that the way Asry had adapted to changing market conditions was admirable. It is clear that the world maritime industry is facing challenging market conditions, but some interesting opportunities for the ship repair sector may nevertheless be forthcoming.

Mr Hayman said that the soon to be enforced International Maritime Organization's ballast water convention would create the need for the retrofitting of 39,000 vessels over 5 year period. I have no doubt that Asry will be competing effectively for a significant share of this business.

He said that the last 35 years had seen remarkable increase in the size and scale of the Arab controlled merchant fleet and many of its leading names were all major customers for Asry. The proliferation of offshore exploration in the Gulf has equally stimulated demand for repair and maintenance services.