Dyna-Mac’s new multi-million deals include construction of FPSO topside modules

Singapore’s offshore builder Dyna-Mac has tucked in a new batch of contract wins with existing customers worth a total provisional sum of S$88 million (over $64.1 million), expanding its net order book to S$630.7 million (more than $459.4 million).

According to Dyna-Mac, the main contract involves the construction of topside modules for a floating production storage and offloading (FPSO) vessel, which is slated to start in 1Q 2024. The company will use the new yard space recently secured for this work. The completion of the project is scheduled for 3Q 2025 and the modules will be shipped to China for integration with the vessel.

On the other hand, the other contracts entail the provision of services to execute fabrication, installation, and integration work on vessels, with project delivery stretching into 2025. Dyna-Mac highlights that it remains “encouraged by the strong level of inquiries received from both existing and new customers.”

The Singapore player also recently put the wheels into motion to enable more flexibility in addressing spikes in the FPSO module fabrication demand and embark on a pursuit of global carbon capture and storage (CCS) projects, thanks to two memoranda of understanding.

A few months ago, Dyna-Mac secured several new contracts with existing customers with a total provisional sum of S$270 million (nearly $203.3 million). Another contract for the construction of the FPSO topside modules brought the firm’s net order book in May 2022 to a record high level.