Dyna-Mac Secures $48M Topside Module Fabrication Contract for East Hub FPSO

Singapore's Dyna-Mac Holdings Ltd. announced Monday that it has secured a Letter of Award (LoA) with the preliminary sum of approximately $48 million (SGD 60 million) for the construction of 6 units of floating production, storage and offloading (FPSO) topsides modules from Armada Cabaca Ltd., an affiliate of Bumi Armada Berhad (Bumi Armada), a leading Malaysia-based international oilfield services provider to the oil and gas industry.

Dyna-Mac’s scope includes detailed engineering and the fabrication of 6 units of topsides modules for an FPSO vessel that will be deployed at Eni’s Block 15/06 East Hub field, located 217 miles (350 kilometers) northeast of Luanda in deep water offshore Angola. The topsides FPSO modules are scheduled to be delivered progressively to the owner within the first quarter of 2016.

The FPSO will be capable of crude oil production rate of 80,000 barrels of oil per day (bopd) with a storage capacity of 1,800,000 barrels and 120,000 barrels per day (bpd) of water injection and 120 million standard cubic feet per day (MMscf/d) of gas handling capacities. The 4th Generation FPSO, currently undergoing conversion from a very large crude carrier will have a topside weight of 15,000 tons and will be moored at a water depth of 1,476 feet (450 meters) with first oil targeted in the fourth quarter of 2016.

Desmond Lim, CEO of Dyna-Mac said “We are delighted to be selected by Bumi Armada’s affiliate, Armada Cabaca Ltd to partner them in their strategy as a top-tier global FPSO player. Since 2011 we have successfully delivered 14 units of the topside modules to their fleet of FPSOs with 4 more modules in various stages of construction. We are heartened by their trust and confidence in our offshore topside modules building capabilities. We are fully committed to the timely delivery of the modules entrusted to us while meeting stringent quality, safety, health and environmental standards. We will continue to build on this partnership to achieve win-win synergy going forward.”

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


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