TRIYARDS ends FY13 on a strong noteYard News // October 25, 2013
TRIYARDS Holdings Limited, the offshore vessel fabrication and engineering solutions provider to the oil and gas (O&G) industry, delivered a net attributable profit (PATMI) of US$31.4 million for the full year ended 31 August 2013 (FY13), which exceeded analysts’ expectations.
The group’s yards were kept busy with construction work for three new self-elevating (SEU), self-propelled service unit projects – one modified BH 335 SEU and two of TRIYARDS’ proprietary-design BH 450 SEUs – and contributions from their ongoing construction partially offset lower revenue recognition from the Lewek Constellation, an ice-class multi-lay vessel with heavy-lift capabilities.
TRIYARDS’ Chief Executive Officer, Wong Bheet Huan, said: “Without a doubt, FY13 was a significant year for TRIYARDS because we achieved several important milestones that have set the stage for the Group’s next growth phase.
“We launched our own proprietary-design drilling jack-up rig, which not only reinforces our lead in the SEU segment but also positioned us as one of only three Singapore yards that are able to design and build their own rigs and SEUs.”
The group generated a positive operating cashflow of US$15.8 million for FY13, compared with an operating net outflow of US$11.1 million for FY12, boosted by the positive results and working capital management.