Dyna-Mac Holdings Ltd. , a multi-disciplinary specialist provider of detailed engineering, procurement and construction services (EPC) to the offshore oil and gas, marine construction and other industries, has secured orders worth a provisional sum of S$115 million, boosting its order book to a provisional value of S$190 million as at to date. The Group announced that it has signed Letters of Intent (LOIs) with leading operators of floating production, storage and offloading vessels (FPSOs), including Modec, Bumi Armada Berhad and SBM Offshore, for the fabrication of nine topside modules, nine piperacks and one turret. These offshore structures are for FPSO OSX 3, FPSO D1 and FPSO Quad 204 and the projects are expected to be completed progressively by the end of 2013.
According to the vessel’s owner, OSX 3 Leasing B.V., a subsidiary of OSX Brasil S.A. and part of the EBX Group, FPSO OSX 3 will be deployed within the Campos Basin, offshore Brazil, on the Waikiki field upon completion. Bumi Armada’s FPSO D1 will be chartered to India’s State-owned Oil and Natural Gas Corporation Limited (ONGC) and deployed in the D1 field, 200km off the west coast of Mumbai, India.
FPSO Quad 204 will be deployed in the UK North Sea and its turret design is a large internal mounted system with a bogie wheel bearing arrangement, which will moor the FPSO in harsh environmental conditions. The Quad 204 turret has a total weight of 10,000 tonnes and is provided with arrangements for connecting 20 mooring lines and up to 28 flexible risers and umbilicals. The turret topside structures consist of 5 decks and a gantry accommodating the process piping, manifolding, equipment and swivel stack for handling a total fluid throughput of 320,000 barrels per day.
Commenting on the latest secured LOIs, Mr Desmond Lim Tze Jong the Group’s Executive Chairman and CEO, said: “We have been in talks for these projects, amongst others, for some time and we are very pleased to have finally sealed these projects, which boosts our current order book to S$190 million. Our tender book remains healthy and we are confident about our growth outlook given that current market dynamics continue to encourage higher spending on exploration and production of oil. Our optimism is also supported by Dyna-Mac’s strong track record and reliable reputation as a FPSO / FSO topside module specialist among our customers, many with whom we have entrenched working relationships.” Collins Stewart Pte. Limited (“Collins Stewart”) is the Issue Manager of the Invitation. Collins Stewart, together with UOB Kay Hian Private Limited, are the Joint Underwriters and Joint Placement Agents of the Invitation.