Strategy shifts power Dyna-Mac’s growth

IT WAS a turbulent time when Lim Ah Cheng took the helm at offshore oil and gas (O&G) contractor Dyna-Mac in 2020.

The company’s founder had passed away just months ago in 2019, and its financial results were dismal.

Underutilisation of the shipyard and a low order book drove Dyna-Mac to a net loss of S$23.8 million for FY2019, reversing from a net profit of S$1.5 million the year prior, as full-year revenue retreated 15.2 per cent to S$97.8 million.