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Triyards grabs liftboat orders, posts lower Q3 profit

Triyards grabs liftboat orders, posts lower Q3 profit
Engineering and fabrication services firm Triyards has picked up orders to build two liftboats worth $175m, and posted a decrease in third quarter net profit.

The liftboat orders are for two enhanced BH450 series liftboats, which will be the third and fourth in the series to be built by Triyards, an arm of Singapore’s Ezra Holdings.

Each of these lattice-legged vessels will stand at more than 130 metres tall and will be able to operate in water depths of up to 105 metres.

“As the region’s leading shipbuilder for these vessels, we are poised to gain further as their adoption widens in the industry globally,” said Chan Eng Yew, ceo of Triyards.

The company also posted a third quarter profit of $5.42m, down 14% compared to the gain of $6.29m in the previous corresponding period.

Revenue for the three-month period ended 31 May 2015, however, rose by 16% year-on-year to $63.91m, due mainly to contributions from four liftboats that had progressed into advanced stages of construction.

Amid the current downturn in the offshore industry, Triyards believes that there will be continued demand for its offering even as the business environment is expected to stay challenging in the next 12 months.

It added that continued weakened oil prices could potentially lead to reduction or delay of oil and gas capital expenditure especially for exploration activities.