TRIYARDS secures $7.5m contracts to construct and outfit cruise liners

Marine division seeing healthy growth.

TRIYARDS Holdings Limited (TRIYARDS or the Group), an offshore vessel fabrication and engineering solutions provider to the oil and gas (O&G) industry, announced that it has secured two new orders in vessel construction and outfitting for two cruise liners, demonstrating the Group’s versatility in the Marine industry. The total contract value of the work for TRIYARDS and its partners is approximately US$7.5 million.

For the first contract, the Group will be building the hull and installation of piping, electrical and mechanical system and equipment in a new build vessel, the Aqua Mekong cruise vessel. The 63-metre (approximately 205 foot) long vessel will undergo a period of nine months construction. The mocked up part of her 5-star outfitting and furnishing of luxurious cabins will also be carried out in TRIYARDS. The vessel belongs to reputable cruise ship operator Aqua Expeditions, whose vessels operate in South America and South East Asia. She will operate in the Mekong River with high-end hotel and accommodation facilities.

The second contract is with International Shipping Partners, one of the world’s largest passenger ship management companies with its headquarters in Miami, Florida, and is for the upgrading of accommodation for the ‘Silver Discoverer’. The 103-metre (approximately 334 foot) long vessel with a gross tonnage of 5,218GT will undergo a 12-week refurbishment prior to her service entry in the last leg of 1Q2014. With this new instalment, the upgraded facilities on the ‘Silver Discoverer’ include a new gym, beauty salon, and expedition cabins.

TRIYARDS is well positioned to meet the demand for quality finishing and fine workmanship demanded by cruise vessel operators and owners, by leveraging its experience in meeting exacting accommodation specifications of the offshore oil and gas industry.

TRIYARDS’ Chief Executive Officer, Mr Wong Bheet Huan, said: “These wins underscore a new chapter for TRIYARDS that propels us into adjacent opportunities within the Marine industry. Our focus on building engineering capabilities has had the effect of TRIYARDS gaining recognition beyond work in the offshore oil and gas arena, and into the offshore tourism industry. This bodes well for our future as we continue to diversify and establish new revenue streams. We will continue to focus on creating value in our design range and capabilities while delivering highly demanding projects."

TRIYARDS opened FY14 on a positive note, with a 15% rise year on year in EBITDA to US$11 million in the first quarter of the financial year 2014.