Dyna-Mac Clinches $33M Fabrication Orders
Singapore-listed Dyna-Mac Holdings Ltd. (Dyna-Mac or together with its subsidiaries, the Group), a multi-disciplinary offshore fabrication specialist with core focus in FPSO/FSO (floating production, storage and offloading/floating storage and offloading) topside modules, has secured three new fabrication orders for a provisional sum of $33.2 million (SGD 42 million).
Lim Tze Jong, executive chairman and CEO of Dyna-Mac commented: “Moving forward, we continue to look at procuring new orders for our Singapore and overseas yards and are excited at the opportunities that our expanded yards will bring. I believe that the oil and gas offshore sector that we are in is off for a good start this year, as we continue to experience strong tender enquiries.”
The orders are for fabrication of a total of two structural blocks, six topsides modules and six pipe-racks. Fabrication will be carried out at the Group’s yards in Singapore and Johor, Malaysia and is expected to commence shortly. The orders are expected to be completed progressively by the first quarter of year 2015. The orders were obtained from Keppel FELS Limited, a wholly owned subsidiary of Keppel Offshore & Marine; Armada C7 Pte Ltd, a joint venture of Bumi Armada Berhad (Bumi Armada) and Shapoorji Pallonji Group (SP); and global supplier and operator of offshore floating platforms, Modec Offshore Production Systems (Singapore) Pte Ltd.
The above orders are expected to have a positive contribution to Dyna-Mac’s earnings per share, but are not expected to have a material impact on net tangible assets per share for the financial year ending Dec. 31.
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