TRIYARDS gains $175M in liftboat orders

TRIYARDS Holdings Limited has won $175 million in liftboat orders, which excludes owner furnished equipment. 

The vessel orders for two enhanced BH450 series liftboats will be the third and fourth in the series to be built by TRIYARDS.

According to TRIYARDS, each of these lattice -legged vessels will stand at more than 130 metres (approximately 450 feet) tall and will be able to operate in water depths of up to 105 metres. The BH450 can accommodate up to 250 personnel and is suitable for a wide range of offshore, clean and renewable energy projects.

Chan Eng Yew, TRIYARDS’ Chief Executive Officer, said: “Our stepped up presence in large liftboats reflect s the industry’ s endorsement of the Group’s strong engineering and fabrication expertise. It also demonstrate s increasing market acceptance and growing demand for liftboats. 

“As the region’s leading shipbuilder for these vessels, we are poised to gain further as their adoption widens in the industry globally.”

Financial results

The Group also reported its financial results for the three months ended May 31, 2015 (3QFY15). Net profit attributable to shareholders came in at $5.4 million on revenue of $63.9 million, mainly from four liftboats that had progressed into advanced stages of construction.

The advanced completion of these four vessels also contributed to the Group’s operating cashflow of $33.1 million for 3QFY15, compared with an outflow of $9.3 million previously. As a result, its net debt (total external indebtedness net of cash and cash equivalents) to equity ratio decreased from 0.5 times to 0.3 times as at the end of FY14.

Commenting on TRIYARDS’ prospects, Chan said: “Even as we strengthen our presence throughout the full value chain of the offshore oil and gas sector, we will continue to diversify and establish our reputation in other areas as well as grow our income stream from marine and industrial fabrication.”

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