TRIYARDS to Build 2 Liftboats for $175M
TRIYARDS Holdings Limited (TRIYARDS or the Group) disclosed Tuesday that it has gained further traction with its larger liftboat offering through its latest order wins of $175 million (which excludes owner furnished equipment), with visibility into the financial year ending Aug. 31, 2017 (FY17).
The vessel orders for two enhanced BH450 series liftboats will be the third and fourth in the series to be built by TRIYARDS. Each of these lattice-legged vessels, the largest in the product range on offer, will stand at more than 450 feet (approximately 130 meters) tall and will be able to operate in water depths of up to 344 feet (105 meters). Among the tallest available currently, the BH450 can accommodate up to 250 personnel and is suitable for a wide range of offshore, clean and renewable energy projects such as windfarms.
Chan Eng Yew, TRIYARDS’ CEO, said: “Our stepped up presence in large liftboats reflects the industry’s endorsement of the Group’s strong engineering and fabrication expertise. It also demonstrates increasing market acceptance and growing demand for liftboats.
“As the region’s leading shipbuilder for these vessels, we are poised to gain further as their adoption widens in the industry globally.”
The Group also reported its financial results today for the three months ended May 31 (3Q FY15). Net profit attributable to shareholders came in at $5.4 million on revenue of $63.9 million, mainly from four liftboats that had progressed into advanced stages of construction.
The advanced completion of these four vessels also contributed significantly to the Group’s strong operating cashflow of $33.1 million for 3Q FY15, compared with an outflow of $9.3 million previously. As a result, its net debt (total external indebtedness net of cash and cash equivalents) to equity ratio decreased from 0.5 times to 0.3 times as at the end of FY14.
Commenting on TRIYARDS’ prospects, Chan said: “Even as we strengthen our presence throughout the full value chain of the offshore oil and gas sector, we will continue to diversify and establish our reputation in other areas as well as grow our income stream from marine and industrial fabrication.”
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