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TRIYARDS secures US$100 million in contracts

By  AOG Staff Monday, 06 April 2015 11:41
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TRIYARDS secured new orders worth approximately US$100 million comprising of a liftboat, a high-speed aluminum craft project including integrated logistics support work and a fabrication project. 

Image from TRIYARDS.

Scheduled for completion in 4Q 2016, 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 100m and can accommodate approximately146 people.

TRIYARDS also secured a project to fabricate core component parts for a land based power plant. Additionally, a high-speed aluminum craft project was awarded to TRIYARDS’ wholly-owned Strategic Marine and will be delivered to its client over a period of four years. 

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. 

“Our fast-growing contract wins across a diverse product range demonstrate the industry’s high regard for our fabrication capabilities in both steel and aluminum vessels,” says Chan Eng Yew, the TRIYARDS chief executive officer. ‘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 aluminum craft engineering specialist in Asia.”

Strategic Marine’s high speed aluminum craft project win comes at the back of its recent delivery of the StratCat to European wind farm service sector operator, Njord Offshore. The 26m 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 21m vessels built for Njord Offshore by Strategic Marine.

TRIYARDS also reported its financial results for the six months ended 28 February 2015 (1H 2015) on 6 April. 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% from 15.9% the year before, due to a different product mix.

“Since the beginning of 2015, we have added some $275 million to our orderbook,” says Chan. “Notwithstanding the challenging and competitive operating environment today, we remain confident that this will grow in the coming quarters, given our established track record and diversified product offering.”

TRIYARDS offers a broad spectrum of engineering and fabrication services that are marketed under the “TRIYARDS” brand. The company currently owns and operates fabrication yards in Ho Chi Minh City and Vung Tau in Vietnam, as well as design and engineering facilities in Houston, United States and Singapore.

The group’s recent acquisition of experienced aluminum shipbuilders Strategic Marine (S) Pte. and Strategic Marine (V) Co. adds both new fabrication capacity as well as engineering capabilities in aluminum.

TRIYARDS’ yards in Vietnam are equipped with heavy-lift gantry cranes and deepwater berths, and both yards have the capability to undertake large-scale projects to fabricate different components of fixed platforms, as well as vessel conversion and construction.

TRIYARDS Houston produces equipment such as cranes, A-frames and winches, which can be installed on the self-elevating units and offshore support and construction vessels fabricated in Vietnam.

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