Singapore-based Triyards Holdings Limited (Triyards or the Group), an offshore vessel fabrication and engineering solutions provider to the oil, gas (O&G) and marine industry, reported Thursday that the company started the year on a promising note, armed with $75.4 million in new liftboat orders.
The latest liftboat contracts not only add to its orderbook, but also extend Triyards’ earnings visibility into its financial year ending Aug. 31, 2016 (FY16). The Group’s current newbuild pipeline has quickly grown to eight liftboats, having won five new orders in the last six months. To-date, Triyards has built and delivered seven liftboats on time and within budget since 2007, cementing its position as Asia's leading fabricator and engineering solution provider in this segment.
The two new orders amounting to a total of $75.40 million (which excludes owner furnished equipment) are next generation state-of-the-art four-legged liftboats expected to be delivered to well established and experienced U.S.-based operators. Each unit can accommodate 150 persons each (in accordance with the latest Maritime Labour Convention requirements) and can be utilized for global deployment.
Triyards’ CEO, Chan Eng Yew, said: “Our pace of recent contract wins reflects confidence in our ability to meet exacting industry standards and expectations of our discerning clients. We will remain focused on strengthening our lead in liftboats in Asia, the Middle East and West Africa.”
The Group also reported its financial results for the first three months ended Nov. 30, 2014 (1Q FY15) today. Turnover came in at $56.7 million, supported by ongoing liftboats projects as well as revenue from an offshore fabrication project and the contribution of experienced aluminium shipbuilder, the Strategic Marine Group (SM Group).
The improved gross profit, together with $4.2 million in net other income offset the Group’s additional administrative and financial expenses (mainly as a result of the acquisition), resulting in a 13 precent increase in 1Q FY15 net attributable profit to $8.2 million.
The Group’s growing business continues to be backed with a healthy balance sheet. As at end November 2014, Triyards’ net debt (total external indebtedness net of cash and cash equivalents) to equity ratio remained steady at 0.48 times.
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