Shin Yang Shipyard Bags $21m Offshore Vessel Gig

Dayang Enterprise Holdings Bhd (Dayang) announced today that DESB Marine Services (DMSSB) a wholly-owned subsidiary of the company, has entered into a shipbuilding contract with Shin Yang Shipyard.

The contract is for the construction and delivery of one offshore accommodation vessel at a purchase price of approximately RM70 million (ca $21.2 million).

This new vessel is expected to contribute positively to the future earnings and net assets of the company and is in line with the fleet expansion plan of Dayang Group’s core business in providing marine support services to the offshore oil and gas facilities.

The new vessel is scheduled to be delivered by 4th quarter 2014.

[mappress]
Press Release, September 5, 2013