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Triyards Bags $59M Deals to Provide Self-Elevating Unit, Turret for FSO

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Triyards Holdings Limited (Triyards or the Group), an offshore vessel fabrication and engineering solutions provider to the oil and gas (O&G) industry, has secured two contracts worth an additional $59 million, including its 10th Self-Elevating Unit (SEU) order, consolidating its position as a leading fabricator of SEUs in Asia. These additional orders will increase the visibility of the order book for Triyards for the upcoming financial year (FY).

The SEU order is with an Asian-based client and is for Triyards’ BH 335, which has a leg length of more than approximately 335 feet (100 meters), and is capable of working in water depths of up to approximately 230 feet (70 meters). It can accommodate 160 personnel. It will be fitted with heavy-lift equipment manufactured from Triyards’ yard in Houston. The other contract is for the construction of a turret for a Floating Storage Offloading (FSO) in Indonesia.

“This will be our 10th SEU to deliver, and this win solidifies our leadership position in Asia for SEUs,” said Wong Bheet Huan, Triyards CEO. “We are seeing strong demand for our vessels, and with these two contracts, the yards will be kept busy all the way through 2015.

“With the Group expanding its offerings not only in types of SEUs and steel fabrication, but other services such as ship repair and onshore infrastructure projects under our industrial division, we are well positioned for steady growth.”

In May 2013, the Group also announced the launch of its newly designed Premium Class 400 HPHT (high pressure, high temperature) Drilling Jackup, the TDU-400, making it one of only three Singapore yards able to design and build its own proprietary drilling jackups and SEUs. In July, the Group also announced its first ship repair job with Mermaid Maritime for its recently commissioned 10,000 metric ton (MT) floating dock. The Group has completed two other repair jobs since then. In October, Triyards also announced the launch of its latest proprietary design 3rd generation high specification SEU, the TSU 475. The Group hopes to secure a contract for either a TDU-400 or TSU 475 in the near future.

Triyards ended FY13 on a strong note, with a net profit of $31.4 million for the full financial year. The Group’s net orderbook stood at $217 million as at Aug. 31.

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