TRIYARDS Secures 10th SEU Deal

TRIYARDS Holdings Limited, an offshore vessel fabrication and engineering solutions provider to the oil and gas (O&G) industry, has secured two contracts worth an additional US$59 million, including its 10th Self-Elevating Unit (SEU) order, consolidating its position as a leading fabricator of SEUs in Asia.

The SEU order is with an Asian-based client and is for TRIYARDS’ BH 335, which has a leg length of more than 100m (approximately 335 feet), and is capable of working in water depths of up to 70m (approximately 230 feet). It can accommodate 160 personnel. It will be fitted with heavy-lift equipment manufactured from TRIYARDS’ yard in Houston. The other contract is for the construction of a turret for a Floating Storage Offloading (FSO) in Indonesia.

This will be our 10th SEU to deliver, and this win solidifies our leadership position in Asia for SEUs,” said Wong Bheet Huan, TRIYARDS CEO. “We are seeing strong demand for our vessels, and with these two contracts, the yards will be kept busy all the way through 2015.

“With the Group expanding its offerings not only in types of SEUs and steel fabrication, but other services such as ship repair and onshore infrastructure projects under our industrial division, we are well positioned for steady growth.”

In May 2013, the Group informed of the launch of its newly designed Premium Class 400 HPHT (high pressure, high temperature) Drilling Jack-up Rig, the TDU-400, making it one of only three Singapore yards able to design and build its own proprietary drilling jack-ups and SEUs. In July, the Group also announced its first ship repair job with Mermaid Maritime for its recently commissioned 10,000MT floating dock. The Group has completed two other repair jobs since then. In October, TRIYARDS announced the launch of its latest proprietary design 3rd generation high specification SEU, the TSU 475. The Group hopes to secure a contract for either a TDU-400 or TSU 475 in the near future.

TRIYARDS ended FY13 on a strong note, with a net profit of US$31.4 million for the full financial year. The Group’s net orderbook stood at US$217 million as at 31 August 2013.

Press Release, October 28, 2013

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Posted on October 28, 2013

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