Company Briefs: Triyards Holdings

Triyards Holdings

Triyards Holdings, the offshore vessel fabrication and engineering solutions unit of Ezra, reported slightly improved earnings for the second quarter. Net profit for the three months to Feb 29 was US$5.28 million (S$7 million), up 4 per cent compared with the same period a year ago.

Revenue grew 15 per cent to US$70.49 million, thanks to work done on four units of self-elevating platforms, two units of multi-purpose support vessels, three units of chemical tankers, the construction of aluminium crew boats and wind farm vessels, Triyards said yesterday.

Earnings per share was 3.53 US cents for the six months ended Feb 29, down from 4.16 US cents in the same period a year ago. Net asset value per share was 67.15 US cents as at Feb 29, up from 64.22 US cents as at Aug 31 last year.

TEE International

Mainboard-listed TEE International went back into the black for its third quarter. Net profit for the three months ended Feb 29 was $611,000, compared with a loss of $134,000 in the same period a year earlier.

Revenue for the quarter grew 7.8 per cent to $46.5 million, due mainly to higher revenue from ongoing engineering projects. Earnings per share was 0.12 cent for the quarter, instead of a loss per share of 0.03 cent a year earlier. Net asset value per share was 19.5 cents as at Feb 29, up from 19 cents as at May 31 last year. No dividends were reported for the period.

Sembcorp Marine

Sembcorp Marine and Marco Polo Marine have entered into arbitration after attempts to resolve a dispute through the senior management and mediation failed.

PPL Shipyard, a SembMarine unit, had served a notice on Marco Polo Drilling (MPD), a Marco Polo Marine (MPM) unit, to start arbitration proceedings. MPD and MPM had also served PPL Shipyard a similar notice.

According SembMarine, PPL Shipyard served a termination notice on MPD on Dec 1 last year, terminating a contract after MPD failed to pay the second disbursement of 10 per cent of the contract price. The expected payment of US$21.43 million was due on Nov 30 last year.

PPL Shipyard then commenced an action in the Singapore High Court on Dec 1 against MPD's parent MPM for the amount due under the two parties' agreement.

A version of this article appeared in the print edition of The Straits Times on April 08, 2016, with the headline 'CompanyBriefs'. Subscribe