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).

TRIYARDS’ Chief Executive Officer, Mr Chan Eng Yew, said: “This opportunity to work with Greenbay Marine has enabled us to expand both our product and client base, reaffirming the market relevance of our versatile and world-class engineering capabilities.

“We will continue to execute our product and sector diversification strategy to build a diversified orderbook.”

The Group’s orderbook was US$564 million as at Oct 2015 comprising nine liftboats, two Multi-Purpose Support Vessels, three chemical tankers, a variety of aluminum craft, a Floating Production, Storage and Offloading vessel turret as well as two industrial fabrication projects, all in various stages of construction.