Strong results for Triyards, diversification planned

 

Singapore: Recently listed Triyards Holdings Limited, a fabrication and engineering solutions provider to the oil and gas industry, posted its maiden results for the financial year ended 31 August 2012, with net attributable profit soaring 421% to US$44.1m, which is partially contributed by the Lewek Constellation project.

With the additional production capacity from its shipyard in Vung Tàu, Vietnam, which was completed in 2011, the group embarked on the construction of the Lewek Constellation as well as three other offshore support vessels.

Wong Bheet Huan, Triyards’ ceo, said:  “To realise our long-term vision for Triyards, we have set up two well-fitted fabrication yards in Vietnam and acquired a Houston offshore equipment design and fabrication facility.”

He said there were plans to diversify revenue streams next year, expanding ship repair business and moving into high-speed aluminium-based vessels such as patrol boats and utility ships, and developing its own offshore heavy-lift equipment product line. “We are also targeting new markets such as Brazil and Australia,” he added. 

Before its listing on the Mainboard of the SGX-ST on 18 October this year, Triyards was a wholly owned subsidiary of Ezra Holdings Limited. The listing was by way of introduction whereby Triyards’ shares were distributed to Ezra shareholders through a dividend in specie. Ezra remains the majority shareholder of Triyards after the distribution, holding a 67% stake.  [25/10/12]

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