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Dyna-Mac Holdings secures in-principle contracts worth S$18m

OFFSHORE oil and gas contractor Dyna-Mac Holdings has secured an in-principle award of fabrication contracts totalling approximately S$18 million, it said on Tuesday.

The contracts are from a repeat customer as well as new customers, and are for the fabrication of topside modules for a Floating Production Storage Offloading vessel, pipe racks and skids. The fabrication will commence in Q1 2020 and is expected to be completed by Q1 2021.

Dyna-Mac expects the order to have a positive impact on its earnings per share and net tangible assets for the current financial year ending Dec 31, 2020.

Dyna-Mac shares closed up 0.8 cent or 6.5 per cent to S$0.131 on Tuesday before the announcement.

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