Dyna-Mac's yard in Singapore; Source: Dyna-Mac

Singapore player cheers ‘largest-ever contract win’ in its history

Singapore-based offshore builder Dyna-Mac has tucked a mega contract award under its belt for the construction of process modules. Thanks to a string of new orders, the company’s net order book has reached a record S$896 million (close to $663.2 million), with project deliveries stretching to 2026.

Dyna-Mac's yard in Singapore; Source: Dyna-Mac

While several new contracts have been disclosed, the deal for the construction of process modules has been pinpointed as the main one. According to the Singapore-based firm, this deal marks “the largest-ever contract win in Dyna-Mac’s history, involving a record tonnage and number of process modules in a single contract, and customers’ confidence in Dyna-Mac’s execution capabilities.”

On the other hand, the remaining new contracts cover the provision of services for the execution, fabrication, installation, and integration work on vessels, and scope increase for current projects. The company believes its recent capacity expansion and upgrading allow further optimization of construction methodology and production workflow.

Using lesser manpower and time needed for the same amount of work is expected to step up Dyna-Mac’s productivity ante. At the start of 2024, the company set the wheels into motion to expand its fabrication capacity for existing and future projects. To this end, the firm inked a share purchase agreement (SPA) to acquire 100% of the total issued and paid-up share capital of Exterran Offshore.

The Singapore player got its hands on several deals last year, including a new batch of contract wins in October 2023 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).