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Triyards Holdings News

02 Mar 2018

Triyards Loses Shipbuilding Contract

Cash-strapped shipbuilder Triyards Holdings Limited has received a termination notice for a chemical tanker design and construction deal. The Singapore-based yard group said after Thursday trading hours that its subsidiary Saigon offshore Fabrication and Engineering has received notice of termination for the design and construction of a chemical tanker at a contract value of US$25.5 million. "Pursuant to the Notice, the Buyer will claim for the reimbursement of all sums paid by the Buyer in advance on account of the Contract in an amount of US$5.1 million," said a statement. No reasons were cited for the contract termination. But last December, Triyards had disclosed two other contract terminations due to a lack of funding to complete the vessels by the contracted delivery dates.

01 Jan 2018

Triyards Loses Two Shipbuilding Contracts

Triyards Holdings, the offshore marine division of Ezra Holdings, has swung deep into the red following the termination of two shipbuilding contracts worth some $51 million. "The Board of Directors of Triyards Holdings wishes to announce that its wholly owned subsidiary, Saigon Offshore Fabrication and Engineering Limited, has received notices of termination of the two shipbuilding contracts dated 26 June 2015 and the addendum dated 10 May 2017 for the design and construction of two units of chemical tankers of an aggregate contract value of US$51 million from the purchaser of the chemical tankers," said a statement from the company. The customer is claiming reimbursements of all sums paid in advance amounting to about US$10.2 million, said the  press release.

06 Jan 2017

TRIYARDS Post 17% Revenue Growth

TRIYARDS Holdings Limited (“TRIYARDS” or the “Group”) reports a revenue of US$91.2 million for the three months ended 30 November 2016 (“1QFY17”), a 17% increase from the corresponding year-ago period (“1QFY16”). The increase was mainly a result of contributions from two units of multi-purpose support vessels (“MPSVs”), three units of chemical tanker, four units of escort tugs, one unit of scientific research vessel and two units of oil tankers during the reporting period and contribution from the Strategic Marine Group Net attributable profit (“PATMI”) for 1QFY17 was US$2.1 million, down 66%, from the previous  corresponding period mainly due to lower gross profit margins resulting from different project mixes as well as competitive market environment…

18 Jul 2016

Ong Appointed Company Secretary, Triyards Holdings

The Board of Directors of Triyards Holdings Limited announced that Mr. Yeo Keng Nien has resigned as the Company Secretary of the Company with effect from 15 July 2016. The Board would like to thank Mr. Yeo Keng Nien for his contributions during his term of service as the Company Secretary of the Company and wishes him success in his future endeavours. The Company informed that Mr. Shannon Ong has been appointed as the Company Secretary with effect from 15 July 2016.

01 Jan 2016

Change in Triyards' Address

The Board of Directors of Triyards Holdings Limited announced that with effect from 1 January 2016, the address of their registered office of the Company and its Singapore incorporated subsidiaries will be changed from its present location at 15 Hoe Chiang Road #28-01 Tower Fifteen Singapore 089316 to: 51 Shipyard Road Singapore 628139

30 Dec 2015

TRIYARDS Bags $ 22 mln CPC Contracts

TRIYARDS Holdings Limited has secured contracts to build two oil barges worth NTD 716 million (equivalent to approximately about US$21.82m) from a new client, CPC Corporation, a Taiwan state-owned oil and gas company responsible for supplying energy to its domestic market. The new contract wins are for the construction of a pair of oil barges intended for coastal service and the supply of bunker fuel to vessels in Taiwan's harbour and coastal areas to be delivered in 2QFY18. Mr. Chan Eng Yew, TRIYARDS’ Chief Executive Officer, said: “This attests to our continued efforts to diversify our orderbook beyond the traditional O&G sector.

16 Dec 2015

Wärtsilä Systems for Vietnamese Tankers

Three new 21,800 dwt chemical tankers, under construction at two different shipyards in Vietnam owned by Triyards Holdings Limited, will feature integrated Wärtsilä propulsion and power generation systems. These ships are being built for Swiss-Canadian Maritime Ltd and will be managed by Switzerland based ABC Maritime A.G. The contract with Wärtsilä was signed in November, and there are options for three more vessels. This contract represents the largest ever scope of supply that Wärtsilä is to deliver to a shipyard in Vietnam. Wärtsilä's capability for providing a total solution package and to be responsible for the engineering and integration of the solutions provided, is cited as being a key factor in the award of this contract.

17 Nov 2015

Triyards Extends Product Range to Escort Tugs

TRIYARDS Holdings Limited has extended its product range to escort tugs for new client Greenbay Marine Pte Ltd, a Singapore-based international specialist marine craft group, demonstrating the Group’s established versatile engineering capabilities which have driven its continued diversification beyond the oil & gas industry. Worth some US$12.8 million, the contract is for four RAstar 3400 Azimuth Stern Drive Tugs (excluding owner-furnished equipment), and expected to be delivered by early 2017. Powered by 4,400 kW engines, each of the 34-metre tugs will be specially constructed for escort operations in adverse sea and weather conditions. The newbuild contract adds to TRIYARDS’ growing earnings visibility for the financial year ending 31 August 2017 (FY17).

21 Oct 2015

TRIYARDS Reports Strong 4QFY15

TRIYARDS Holdings Limited (TRIYARDS or the Group) reported a strong finish for the financial year ended 31 August 2015 (FY15) with a 59% year-on-year jump in net attributable profit (PATMI) to US$8.4 million in the fourth quarter, driven mainly by liftboat construction. Work done on liftboats as well as contributions from aluminium shipbuilder Strategic Marine also lifted Group revenue by 81% to US$88.4 million. For the full year, TRIYARDS achieved a PATMI of US$27.2 million on a revenue of US$270.1 million. Mr Chan Eng Yew, TRIYARDS’ Chief Executive Officer, said: “These four liftboats were secured earlier in FY15 and the new contract wins in the last 12 months have significantly added to our orderbook visibility despite the competitive and difficult operating conditions.

09 Jan 2015

Triyards Bags Liftboat Orders

TRIYARDS Holdings Limited an offshore vessel fabrication and engineering solutions provider to the oil, gas (O&G) and marine industry, started the year on a promising note, armed with US$75.4 million in new liftboat orders. The latest liftboat contracts not only add to its orderbook, but also extend TRIYARDS’ earnings visibility into its financial year ending 31 August 2016 (FY16). The Group’ current newbuild pipeline has quickly grown to eight liftboats, having won five new orders in the last six months. To-date, TRIYARDS has built and delivered seven liftboats on time and within budget since 2007, cementing its position as Asia's leading fabricator and engineering solution provider in this segment.

21 Oct 2014

TRIYARDS Buys into Aluminium Shipbuilding Expertise

TRIYARDS Holdings Limited, an offshore vessel fabrication and engineering solutions provider to the oil and gas (O&G) industry, has added new capabilities, products and clients with its latest acquisition of experienced shipbuilding and fabrication companies, Strategic Marine (S) Pte Ltd and Strategic Marine (V) Co. Limited (collectively termed Strategic Marine). Strategic Marine has been building aluminium and steel vessels as well as complex aluminium and steel structures for the marine infrastructure and mining sectors for over 10 years. Its two yards – one in Vung Tau, Vietnam, and the other in Singapore – with a total area of 158,648m 2 will increase the Group’s yard capacity by over 67% (excluding Houston).

29 Sep 2014

Placement of Shares in Triyards Holding

The Board of Directors of Triyards Holdings Limited refers to the Company’s announcements dated 17 September 2014 and 25 September 2014  relating to the placement of up to 29,500,000 new ordinary shares in the capital of the Company. Unless otherwise defined, all capitalised terms used herein bear the same meanings as in the Announcements. The Board is pleased to announce that the completion of the Placement has taken place today in accordance with the terms and conditions as set out in the Placement Agreement and 29,500,000 Placement Shares have been allotted and issued. Following the completion of the Placement, the Company’s issued and paid up share capital has increased from 295,008,913 Shares to 324,508,913 Shares.

18 Sep 2014

TRIYARDS' Liftboat Orderbook Filling up

TRIYARDS Holdings Limited, an offshore vessel fabrication and engineering solutions provider to the oil and gas (O&G) industry, has added another liftboat contract to its orderbook. The order for the new unit comes soon after TRIYARDS' two other liftboat contracts worth US$112 million in July. TRIYARDS Chief Executive Officer, Mr Chan Eng Yew, said: “Our recent new orders attests to the industry's confidence in us and our ability to meet our clients' stringent requirements on safety, quality, timeliness of delivery and cost efficiency. They also reflect the market’s satisfaction of our engineering and fabrication capabilities. “Operators are starting to realise the high value-to-cost ratio of using liftboats, increasing its demand for these vessels.

07 May 2013

Singapore's Triyards Introduce New HPHT Jack-up Design

Triyards Holdings now able to design & build its own proprietary drilling jack-up rigs and self-elevating units (SEUs). The new design is for the Premium Class 400 HPHT (High Pressure, High Temperature) drilling jack-up rig, the TDU-400. The TDU-400 is designed to withstand up to 100-knot winds while satisfying wave criteria for global deployment. Able to provide accommodation for up to 220 personnel, the jackup boasts leg lengths of more than 535ft (approximately 163m) and can operate in water depths of up to 400ft (approximately 120m). Tridyards’ Chief Executive Officer, Mr Wong Bheet Huan, said: “This latest design demonstrates that our dedication to enhancing our engineering capabilities has paid off, expanding the scope of our product offerings.

25 Apr 2013

ABS Elects New Council and Committee Members

At the 151st Annual Meeting of the Members of ABS, and the subsequent meeting of the ABS Council, industry leaders were elected to serve on a number of bodies that contribute to the operation of the classification society as it fulfills its mission of promoting the security of life and property and preserving the natural environment. "ABS' strength as a global classification society is drawn from its membership and the many regional, national and technical committees that contribute to the process of developing practical, impartial and authoritative standards," said ABS Chairman Robert D. Somerville. •    Robert G. •    James G. •    Maria F. •    Chow Yew Yuen, Keppel Offshore & Marine USA Inc. •    Dr. Jen-Hwa Chen, Chevron Shipping Co. •    Dr.