Dyna-Mac Bags $71M Contract to Build Topsides, Flare Tower for Catcher FPSO

Singapore's Dyna-Mac Holdings Ltd. disclosed Monday that the company has secured a contract with a preliminary sum close to $71.2 million (SGD 89 million) for the construction of 10 units of FPSO topsides modules and one unit of flare tower from BW Offshore, a leading global provider of floating production services to the oil and gas industry.

Dyna-Mac’s contract includes preparation of shop drawings and the fabrication of 10 units of topsides modules for an FPSO (floating production, storage and offloading) vessel that will operate at Premier Oil’s Catcher oil fields in the UK sector of the North Sea. The topsides FPSO modules are scheduled to be delivered progressively to the owner within the first quarter 2016.

The Catcher FPSO will be capable of processing up to 60,000 barrels of crude per day and a storage capacity of 650,000 barrels with first oil targeted for mid-2017.

Desmond Lim, CEO of Dyna-Mac said “We are pleased to be entrusted once again by our customer BW Offshore to be part of their significant FPSO Catcher project. We are indeed privileged to have the opportunity to continue to contribute to their expansion of the FPSO fleet.

This latest contract bears testament to our expertise and established track record, having delivered 233 topsides modules to-date. We are committed to build on our partnership with BW Offshore and to meet their stringent standards of quality, safety and reliability.”

Barring unforeseen circumstances, the contract is expected to contribute positively to the earnings, net tangible assets and earnings per share of Dyna-Mac for the financial year ending December 2015.

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