Triyards clinches new contracts worth $32.9m, posts first half loss

Triyards, the engineering and fabrication shipyard subsidiary of Ezra Holdings which has filed for bankrupty protection, has secured contracts for the fabrication of seven tugboats and one 16-metre aluminium crew transfer vessel from a Vietnamese vessel owner and operator.

The vessels will be fabricated at Triyards’ Saigon Shipyard.

Meanwhile, Singapore-listed Triyards posted a loss of $4.18m for its first half ended 28 February 2017 as against the profit of $11.44m in year-ago first half period ended 29 February 2016.

The loss was due partly to a $8.37m allowance for doubtful receivables from its related/affiliated entities of Ezra, which has filed for Chapter 11 bankruptcy.

First half revenue rose 9% year-on-year to $161.84m due primarily to contributions from new product offerings and from the Strategic Marine Group for the construction of LNG powered aluminium catamaran ferries.

“While the oil and gas industry is still experiencing a challenging environment which induced stiff competition among the players within the industry, the group has diversified its clientele base and expanded its product offerings beyond the oil and gas related assets over the past 24 months,” Triyards said.

“This resulted in new product lines being added to its orderbook, such as the chemical tanker, scientific research vessel, windfarm crew transfer vessel and LNG powered aluminium catamaran,” it said.