Triyards reports increases in revenue, order book

Offshore staff

SINGAPORETriyards Holdings Ltd. has detailed recent and new contract wins in its financial year (FY) 2016 results, ended Aug. 31.

The group secured several new fabrication and service vessel contracts, upping Triyards’ order book by $27.55 million to currently stand at $422 million.

The 134.4-m (441-ft) long floating dock, designed in collaboration with Greenbay Marine Pte Ltd., is capable of lifting a vessel with a weight of 7,000 metric tons (7,717 tons) and has a draft of 12.6 m (41.3 ft).

In addition, subsidiary Saigon Offshore Fabrication and Engineering Ltd. (SOFEL) has been contracted to build a floating dock for an unnamed client in the Middle East.

It also received the API-2C Monogram Certificate for crane manufacturers set by the American Petroleum Institute earlier this year. The group said it is the first such facility in Vietnam to receive this certificate.

Triyards had more positive news to report in its FY 2016 results:  a 20% revenue over FY 2015, with earnings at $324.9 million.

Similarly, revenue increased by 7% year-on-year to $94.2 million for the three months, ended Aug. 31. The group said these increases were driven by contributions across all product and geographical segments.

It found that Asia and Europe continue to be resilient markets with revenue in FY 2016 increasing by 5% and 9% respectively from FY 2015. In aggregate, Asia and Europe contributed 80% of total FY 2016 revenues. However, as part of the group’s strategy to diversify its client base, contribution from the Other Countries segment increased by 140% to reach $63.5 million.


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