Dyna-mac Secures Landmark S$89 Million FPSO topside Module Fabrication Contract from BW Offshore
Dyna-Mac has secured a contract with a preliminary sum close to S$89 million for the construction of 10 units of FPSO topsides modules and 1 unit of flare tower from BW Offshore, a leading global provider of floating production services to the oil and gas industry.
Dyna-Mac's contract includes preparation of shop drawings and the fabrication of 10 units of topsides modules for an FPSO vessel that will operate at Premier Oil's Catcher oil fields in the UK sector of the North Sea. The topsides FPSO modules are scheduled to be delivered progressively to the owner within the first quarter of 2016.
The Catcher FPSO will be capable of processing up to 60,000 barrels of crude per day and a storage capacity of 650,000 barrels, with first oil targeted for mid-2017.
Mr. Desmond Lim, CEO of Dyna-Mac, said, "We are pleased to be entrusted once again by our customer BW Offshore to be part of their significant FPSO Catcher project. We are indeed privileged to have the opportunity to continue to contribute to their expansion of the FPSO fleet. This latest contract bears testament to our expertise and established track record, having delivered 233 topsides modules to-date. We are committed to build on our partnership with BW Offshore and to meet their stringent standards of quality, safety and reliability."
Barring unforeseen circumstances, the contract is expected to contribute positively to the earnings, net tangible assets, and earnings per share of Dyna-Mac for the financial year ending December 2015.
BW Offshore is a leading global provider of floating production services to the oil and gas industry. Listed on the Oslo Stock Exchange, BW Offshore is the world's second largest contractor with a fleet of 14 FPSOs and 1 FSO in all major oil regions worldwide. The company also operates an additional 2 FPSOs. BW Offshore has a long track record in project execution and operations. In more than 30 years of operation, BW Offshore has executed 38 FPSO and FSO projects.
Dyna-Mac is a global leader in the detailed engineering, fabrication, and construction of offshore FPSO (Floating Production Storage Offloading) and FSO (Floating Storage Offloading) topside modules, as well as onshore plants and other subsea products for the oil and gas industries. Listed on SGX Mainboard and headquartered in Singapore, Dyna-Mac has yards spanning across Singapore, Malaysia, and China.
This article was originally published on Marine & Industrial Report newspaper Vol 37 No.1 Issue last February 28,2015.
