Dyna-Mac order book swells to record $896 million
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Dyna-Mac said the new orders include its largest-ever contract win.
PHOTO: DYNA-MAC HOLDINGS LTD
Mia Pei
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SINGAPORE - Offshore oil and gas contractor Dyna-Mac achieved a record $896 million net order book with new contract wins.
The project deliveries stretch to 2026, said the group on April 3.
The new main contract marks the largest-ever contract win in Dyna-Mac’s history, “involving a record tonnage and number of process modules in a single contract”.
“The other contracts secured by the group include the provision of services for the execution, fabrication, installation and integration work on vessels, and scope increase for current projects,” said Dyna-Mac.
It added that the new orders are not expected to have a material impact on the group’s earnings per share and net tangible assets for the current financial year ending Dec 31, 2024.
The contractor noted that its recent capacity expansion and upgrading allows further optimisation of its productivity.
In its latest financial year 2023 financials released on Feb 20, the group recorded an 84.7 per cent increase in seconD-half net profit on the back of improved efficiency by intensifying its land use, raising its productivity and imposing tighter cost controls. Revenue for the half year increased 21.2 per cent to $202.9 million.
Shares of Dyna-Mac were trading up 0.5 cent, or 1.3 per cent, at 39.5 cents as at 9.04am on April 3 after the announcement. BUSINESS TIMES
