TRIYARDS Secures $100M Contracts, Includes Supply of a Newbuild Liftboat

TRIYARDS Holdings Limited (TRIYARDS or the Group) disclosed Monday it has secured new orders worth approximately $100 million comprising a liftboat, a high speed aluminium craft project including integrated logistics support work and a fabrication project.

These contracts come at the back of two ice-class Multi-Purpose Support Vessels (MPSVs) contracts and a turret fabrication project valued at more than $100 million (announced March 9).

Scheduled for completion in 4Q FY2016, the order for the three-legged lattice BH 335 unit will bring TRIYARDS’ current newbuild pipeline to 11 vessels. As an exclusive design to the Group, the BH 335 lattice unit variant has leg lengths that exceed 335 feet (approximately 100 meters) and can accommodate approximately 146 people. Further, TRIYARDS also secured a project to fabricate core component parts for a land based power plant. Additionally, a high speed aluminium craft project was awarded to TRIYARDS’ wholly-owned Strategic Marine and will be delivered to its client over a period of four years.

Chan Eng Yew, the Group’s CEO, said: “Our fast-growing contract wins across a diverse product range demonstrate the industry’s high regard for our fabrication capabilities in both steel and aluminium vessels. Not only are we able to deliver on our exclusively-designed liftboats, we are also gaining traction in securing other types of vessel orders.

“With these new wins, we enhance our leading position as a global premier liftboat and high speed aluminium craft engineering specialist in Asia.”

Strategic Marine’s high speed aluminium craft project win comes at the back of its recent delivery of the StratCat – the world’s first multi-purpose service vessel in its class – to European windfarm service sector operator, Njord Offshore. The 85 foot (26-meter) StratCat boasts the globe’s first quadruple Inboard Performance System (IPS) version 900 installation on any type of vessel, and builds on the success of the first eight 69-foot (21-meter) vessels built for Njord Offshore by Strategic Marine.

TRIYARDS also reported its financial results for the six months ended Feb. 28 (1HFY15) today. Net profit attributable to shareholders came in at $13.3 million on a turnover of $117.8 million, supported by ongoing liftboat projects at varying stages of construction, acquisition of Strategic Marine, and other industrial and offshore fabrication projects. The Group also reported an increase in its gross margin to 22.7 percent from 15.9 percent the year before, due to a different product mix.


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