Triyards adds another $100 million to order book

Triyards three-legged lattice liftboat

APRIL 6, 2015 — Singapore headquartered shipbuilder Triyards Holdings Limited has secured new orders worth around $100 million. They include a lift boat, a high speed aluminum craft project that includes integrated logistics support work and a fabrication project.

Announcement of the new orders came as the company reported its financial results for the six months ended February 28, 2015 (1HFY15) today. Net profit attributable to shareholders came in at $13.3 million on a turnover of $117.8 million. Triyards also reported an increase in its gross margin to 22.7% from 15.9% the year before, due to a different product mix.

“Since the beginning of 2015, we have added some $275 million to our orderbook,” said Mr. Chan Eng Yew, Group Chief Executive Officer. “Notwithstanding the challenging and competitive operating environment today, we remain confident that this will grow in the coming quarters, given our established track record and diversified product offering.”

The liftboat order announced today, scheduled for completion in fourth quarter FY2016, is for a three-legged lattice BH 335 unit. It will bring Triyards’ current newbuild pipeline to 11 vessels. As an exclusive design to the Group, the BH 335 lattice unit variant has leg lengths that exceed 100 m (approximately 335 feet) and can accommodate approximately146 people.

Further, Triyards also secured a project to fabricate core component parts for a land based power plant. Additionally, a high speed aluminium craft project was awarded to Triyards’ wholly-owned Strategic Marine and will be delivered to its client over a period of four years.

Strategic Marine’s high speed aluminum craft project win comes at the back of its recent delivery of the StratCat – the world’s first multi-purpose service vessel in its class –to European windfarm service sector operator, Njord Offshore (see earlier story).