TRIYARDS Wins Order for Two Liftboats

TRIYARDS Holdings Limited has won an order for its larger liftboat offering worth US $175 million.

The vessel orders for two enhanced BH450 series liftboats will be the third and fourth in the series to be built by TRIYARDS. Each of these lattice-legged vessels, the largest in the product range on offer, will stand at more than 130 metres (approximately 450 feet) tall and will be able to operate in water depths of up to 105 metres. Among the tallest available currently, the BH450 can accommodate up to 250 personnel and is suitable for a wide range of offshore, clean and renewable energy projects such as windfarms.

Chan Eng Yew, TRIYARDS’ Chief Executive Officer, said: “Our stepped up presence in large liftboats reflects the industry’s endorsement of the Group’s strong engineering and fabrication expertise. It also demonstrate s increasing market acceptance and growing demand for liftboats.

“As the region’s leading shipbuilder for these vessels, we are poised to gain further as their adoption widens in the industry globally.” 

The Group also reported its financial results today for the three months ended 31 May 2015 (3QFY15). Net profit attributable to shareholders came in at US$5.4 million on revenue of US$63.9 million, mainly from four liftboats that had progressed into advanced stages of construction.

The advanced completion of these four vessels also contributed significantly to the Group’s strong operating cashflow of US$33.1 million for 3QFY15, compared with an outflow of US$9.3 million previously. As a result, its net debt (total external indebtedness net of cash and cash equivalents) to equity ratio decreased from 0.5 times to 0.3 times as at the end of FY14.