Dyna-Mac lands FPSO work but loses offshore vessel deal

Singapore’s offshore engineering and construction provider Dyna-Mac has won new contract awards related to fabrication of FPSO parts but it has also lost a contract related to fabrication of hull sections for an offshore vessel.

Dyna-Mac said on Monday it has secured fabrication projects from both new and repeat customers for a total provisional sum of S$157.5 million ($117.3 million).

These contracts are for the fabrication of pipe spools and construction of topside modules for floating production storage and offloading (FPSO) vessels.

These projects will start from 4Q 2020 and are expected to be completed by 2Q 2022.

On the other hand, the company has also received notice of cancellation of a contract.

The cancellation from an existing customer is valued at S$6.3 million ($4.7 million) against an awarded project announced in April 2020 for the fabrication of an offshore vessel’s upper hull sections.

Under the terms of the contract, Dyna-Mac’s scope of work included structural fabrication and erection, piping fabrication and installation, electrical and instrumentation, mechanical installation, and painting works.

The project was supposed to be completed by the first quarter of 2021 in Dyna-Mac’s Main Yard in Singapore.

Dyna-Mac noted that discussions are presently ongoing with the customer on contract resolution and settlement.