Dyna-Mac wins S$89m contract from BW Offshore

DYNA-MAC said on Monday it has secured a contract worth a preliminary estimate of S$89 million to construct 10 FPSO (floating production storage and offloading) topsides modules and one flare tower for BW Offshore, which provides floating production services to the oil and gas industry.

The contract includes the preparation of shop drawings and the fabrication of 10 topsides modules for an FPSO vessel that will operate at Premier Oil's Catcher oil fields in the UK sector of the North Sea. These are to be delivered progressively within the first quarter of 2016.

Dyna-Mac expects this contract to contribute positively to its earnings, net tangible assets and earnings per share for the financial year ending December 2015, barring any unforeseen circumstances.