Dyna-Mac wins $66-million contracts and signs up two alliances

Singapore-based engineering, fabrication and construction company Dyna-Mac Holdings has formed two new alliances with Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) and MAN Energy Solutions Switzerland to bid for international projects, buoyed by the company’s growing order book.

Dyna-Mac Holdings also said in a statement on Tuesday that it had secured two new contracts worth $66 million, bringing its net order book to date to $338.7 million.

The first contract for Dyna-Mac involves additional work scope to be performed on an ongoing floating production storage offloading (FPSO) topside module fabrication project currently under construction in the shipyard, for which the expected completion is scheduled for the third quarter of 2023.

The second contract involves the repair, refurbishment, and reactivation of a mobile offshore tender-assisted drilling rig, which will be deployed in the Gulf of Thailand upon completion in June this year.

On the new alliances formed by the company, Dyna-Mac Holdings said it will undertake the venture with Malaysia Marine and Heavy Engineering Holdings Bhd via a consortium formed between MMHE's subsidiary Malaysia Marine and Heavy Engineering Sdn Bhd and Dyna-Mac's unit Dyna-Mac Engineering Services Pte Ltd.

According to Dyna-Mac chief executive officer and executive director Lim Ah Cheng, the agreement will enable the company to boost its footprint in the region.

“Through this agreement, Dyna-Mac will be able to increase its capacity to execute projects beyond our Singapore yards, while MMHE will be able to capitalise on its yard capacity and capability to support in realising a shared vision and addressing the market demands,” he said in a statement.

The partnership will also offer one-stop solutions for module fabrication, vessel conversion and integration work as well as other projects of mutual interest.

The partnership with MAN ES will help set up a packaging cooperation agreement to jointly bid and execute any projects requiring packaging activities, whereby Dyna-Mac will perform the packaging scope while MAN ES will provide the core compressor train technology, the company said.

In addition, Dyna-Mac Holdings also announced the completion and delivery of several projects in March and April, including the completion of five modules for the Prosperity FPSO project; two pipe racks for the Golar Gimi FLNG project; and a geostationary turret assembly unit for an FPSO for India.