Triyards' 9-Month Net Profit Increases 1% to $21.4M
Singapore's Triyards Holdings Limited (Triyards or the Group), an offshore vessel fabrication and engineering solutions provider to the oil and gas (O&G) industry, announced Thursday that it has booked $21.4 million in net attributable profit (PATMI) for the 9 months ended May 31 (9M FY14), while EBITDA grew by 13.9 percent to $33.7 million.
Revenue during the period rose by 11 percent to $219.9 million, driven by the Lewek Constellation as well as liftboat projects under construction – which includes 2 units of enhanced BH 335 design and one from the Group’s proprietary-design BH 450 series. Marking a major milestone, Triyards recently completed and delivered one of the BH 450 liftboats. This extremely versatile vessel boasts lattice legs that are among the world’s longest at more than 450 feet (approximately 130 meters) and can operate in water depths of up to 350 feet (approximately 105 meters).
With an eye to the future, Chan Eng Yew, the Group’s CEO, said: “The delivery of the first BH 450 unit is a significant milestone for Triyards – one that will open new opportunities as we accelerate plans to grow the company and establish ourselves as a leading liftboat builder. For the past 7 years, our efforts have been focused on acquiring the necessary assets and building up our capabilities – on distinguishing ourselves as a specialized yard that can deliver state-of-the-art vessels and superior engineering and fabrication solutions for the offshore oil and gas support industry across the life cycle of projects.
“During this time, Triyards has indeed established itself in the construction of sophisticated liftboats, technologically advanced offshore support vessels (OSVs) and highend equipment. Our strategic investments in technology and expanding our engineering capabilities have seen us become one of only 3 Singapore yards able to design and build proprietary drilling jackups and liftboats.
“Now that we have proven our capabilities in delivering a new and sophisticated product line as the BH 450 from scratch, we can move aggressively to market this and our other proprietary-design product lines.”
Demonstrating that Triyards has already become a preferred partner for clients seeking value, quality and timely delivery, the Group has secured new contracts worth a combined $112 million for its exclusively designed liftboats – one from the BH 300-L4T series and another from the existing BH 335 series. In all, it has won orders for 12 liftboats since 2007.
The BH 300-L4T represents another Triyards milestone, being its very first 4-legged liftboat. Equipped with leg lengths that exceed 300 feet (approximately 90 meters), it can perform effectively in water depths of more than 230 feet (approximately 70 meters) enhancing its capability for deployment, particularly in the Middle East and South East Asian waters.
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