Dyna-Mac bags S$88 million in contracts from repeat customers

OFFSHORE oil and gas contractor Dyna-Mac on Monday (Oct 2) said it had secured several contracts worth a total provisional sum of S$88 million from repeat customers.

These new orders will increase its net order book to S$630.7 million, with project delivery stretching into 2025, the company said in a bourse filing.

The main contract involves the construction of topside modules for a floating production storage offloading (FPSO) vessel.

It added that construction of the topside modules begins in the first quarter of 2024 and will use new yard space that it recently secured. The project is scheduled to complete in Q3 2025. The modules will be shipped to China for integration with the vessel after that.

Dyna-Mac said the other contracts include executing the fabrication, installation and integration work on vessels.

Its share price closed S$0.005 or 1.235 per cent lower at S$0.40 on Monday.

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