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Dyna-Mac Bags Two New Contracts Worth Nearly SG$66 Million; Shares Jump 10%

MT Newswires ·  {{timeTz}}

11:54 PM EDT, 04/25/2022 (MT Newswires) -- Dyna-Mac Holdings (SGX:NO4) clinched two new contracts worth SG$90.3 million ($65.9 million) from new and repeat customers, sending the company's shares up more than 10% in the late morning session.

The first contract is for additional work on an ongoing floating production storage and offloading vessels (FPSO) topside module fabrication project, which is currently under construction in the shipyard. The project is slated for completion in the third quarter of 2023.

The second contract is for the repair, refurbishment and reactivation of a mobile offshore tender-assisted drilling rig, which will be deployed in the Gulf of Thailand upon completion, according to a Monday release. This project is expected to be completed in June this year.

These two new contracts have taken Dyna-Mac's net order book to SG$461.1 million as of April 25.

Dyna-Mac Holdings offers engineering, procurement and construction services to offshore oil and natural gas, marine construction and other industries.

Price (SGD): S$0.11, Change: S$+0.01, Percent Change: +10.20%

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