The new contracts are not expected to have a material impact on Dyna-Mac’s earnings per share and net tangible assets for FY2023.
Dyna-Mac has announced new order wins worth $270 million, bringing its net order book to a value of $608.1 million.
On May 11, the group announced via a bourse filing that it had secured several “firm contracts” worth a total provisional sum of $270 million from repeat customers.
The first contract win is for the construction of topside modules for a floating production storage offloading (FPSO) vessel. Work on the topside modules will commence in 3QFY2023 with completion scheduled for 2QFY2025.
Meanwhile, the other contracts include the provision of services to execute fabrication, installation and integration work on-board vessels.
The order wins will add to the group’s net order book of $338.1 million as at March 31, bringing the net order book to $608.1 million stretching into 2025.
The newly announced contracts are not expected to have a material impact on Dyna-Mac’s earnings per share and net tangible assets for the current financial year ending Dec 31.
Lim Ah Cheng, executive chairman and CEO says: “We are very honoured that our longtime repeat customers have chosen to partner us for the construction of their FPSO topside module projects.”
He adds: “This is testimony of our ability to execute and deliver projects on-time, on budget and in stringent compliance with the safety, security, health and environment standards.”
Shares in Dyna-Mac closed 0.5 cents or 1.59% down at 31 cents on May 11.