Singapore-listed offshore services provider Triyards Holdings has won liftboat orders worth USD175 million.
The vessel orders comprise two enhanced BH450 series liftboats, which will be the third and fourth liftboat 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 m tall and will be able to operate in water depths of up to 105 m. 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,” said Triyards in its filing to the Singapore Exchange.
The company stated that the advanced completion of the four BH450 series liftboats have contributed significantly to Triyards’ strong operating cash flow of USD33.1 million for the third quarter that ended on 31 May 2015, as compared with an outflow of USD9.3 million in the corresponding period in 2014.
However, Triyards posted lower profit of USD5.4 million for the third quarter despite a revenue increase of 16% year on year (y/y) or USD63.9 million, while its profit after tax dropped 14% y/y from USD6.3 million to USD5.4 million in the third quarter.
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The decrease was mainly due to the increase in administrative expenses, which increased 91% y/y to USD8.1 million.
Triyards stated in its filing to the SGX that the sharp increase in the administrative expenses was due to the acquisition of Australia-based shipbuilder Strategic Marine (SM Group) as well as an increase in marketing-related expenses.
Triyards’ revenue increased by 16% y/y to USD8.6 million because of significant contributions from four self-elevating units, which have progressed into advanced construction stages during the third quarter.