Dyna-Mac Secures New Order at Provisional Sum of $114M from CMHI

Source: www.gulfoilandgas.com 8/3/2021, Location: Asia

The Board of Directors of Dyna-Mac Holdings Ltd. (“Dyna-Mac”) wishes to announce that the Group has secured a fabrication project from China Merchants Heavy Industry (Jiangsu) Co. Ltd. (“CMHI”), for a total provisional contract sum of S$114 million.

The contract with CMHI is for the supply, fabrication and construction of topside modules to be executed by Dyna-Mac’s joint venture company (“JVCo”) in China.

The new contract award following JVCo’s successful completion and loadout of the FPSO SEPETIBA topside modules is a testament to the JVCo’s win-win partnership in providing a onestop solution, i.e. modules and vessel, for our clients. Beyond the partnership on FPSO topside modules, the Group is also working closely with CMHI to pursue LNG and green energy modules projects.

The Group has recently attained the following Workplace Safety and Health (WSH) 2021 Awards:
(i) WSH Performance (Silver) Award 2021
(ii) Safety and Health Award Recognition for Projects (SHARP) 2021
a. MV-34 MIAMTE FPSO
b. Liza Unity FPSO
c. Golar Gimi FLNG

Adding this project from CMHI, the Group’s order book stands at S$442 million as at the date of this announcement, with deliveries up to year 2023.

The above order is not expected to have a material impact on the Group’s earnings per share and net tangible assets for the current financial year ending 31 December 2021.


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