Triyards extends product range to escort tugs through US$12.8m deal

TRIYARDS Holdings has extended its product range to escort tugs for new client Greenbay Marine Pte Ltd, a Singapore-based international specialist marine craft group.

Valued at some US$12.8 million, the contract is for four RAstar 3400 Azimuth Stern Drive Tugs (excluding owner-furnished equipment), and they are expected to be delivered by early 2017.

Powered by 4,400 kilowatt 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 Aug 31, 2017.

Chan Eng Yew, its chief executive officer, said the opportunity to work with Greenbay Marine has enabled the group to expand both product and client bases.

"We will continue to execute our product and sector diversification strategy to build a diversified orderbook," he said.

As at October, the group's orderbook was US$564 million, comprising nine liftboats, two multi-purpose support vessels, three chemical tankers, a variety of aluminium craft, a floating production, storage and offloading vessel turret, as well as two industrial fabrication projects, all in various stages of construction.

Triyards currently owns and operates fabrication yards in Ho Chi Minh City and Vung Tau in Vietnam, as well as design and engineering facilities in Houston, the United States and Singapore.

Its acquisition of experienced aluminium shipbuilders Strategic Marine (S) Pte Ltd and Strategic Marine (V) Company Limited in October last year adds both new fabrication capacity as well as engineering capabilities in aluminium.

Triyards said its yards in Vietnam are equipped with heavy-lift gantry cranes and deepwater berths, and both facilities have the capability to undertake large-scale projects to fabricate different components of fixed platforms, as well as vessel conversion and construction.

Its Houston facility provides the designing and engineering of offshore equipment such as cranes, A-frames and winches, which can be installed on the self-elevating units and offshore support and construction vessels fabricated in Vietnam.