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TRIYARDS profits boost

Written by  Audrey Raj Tuesday, 20 October 2015 03:22

Singapore’s fabrication and engineering service provide TRIYARDS Holdings made a 59% year-on-year jump in net attributable profit to US$8.4 million in the fourth quarter, driven mainly by liftboat construction, the company said.

Work done on liftboats, as well as contributions from its newly acquired aluminum shipbuilding firm Strategic Marine also helped lift revenue by 81% to $88.4 million, compared to 2014.

Another $100 million worth of orders have also been added to its portfolio, comprising of three chemical tankers, two high speed craft and an industrial fabrication contract.

The chemical tankers are for Swiss-Canadian Maritime Ltd., which will be managed by ABC Maritime A.G. Due to be delivered in FY17, each of the International Maritime Organization (IMO) type 2-certified, double hull ice-classed tankers will have a capacity of 24,000 cu m.

For the fabrication project, TRIYARDS will fabricate core component parts, such as steel structures, stacks and casings for a long standing client, the firm said. The high speed craft, which is a 42m steel hulled crew boat and a 31m catamaran, will be built by Strategic Marine and delivery is expected to be in the second quarter of next year.  

3Q FY15, BH450 liftboats

In the previous quarter, TRIYARDS’ profit came to $5.4 million on revenue of $63.9 million, mainly from four liftboats. The advanced completion of the vessels also contributed significantly to the operating cashflow of $33.1 million.

In an interview with AOG previously, CEO Chan Eng Yew said the BH450 series liftboats account for more than 70% of the group’s revenue with each worth approximately $90 million.

While they delivered the first vessel mid last year and the second unit this year, two more orders have also been contracted worth $175 million, under construction in Vietnam. TRIYARDS’ BH450 series liftboats are lattice-legged, stand at more than 130m, can operate in water depths of up to 105m and accommodate up to 250 personnel.

The group has fabrication yards in Ho Chi Minh City and Vung Tau in Vietnam, as well as design and engineering facilities in Houston and Singapore.

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