Singapore oil and gas fabricator Dyna-Mac Holdings says it has benefited from "the resurgence of the FPSO market" in the first half of 2021 when it secured S$319 million (US$235 million) of new orders.
Dyna-Mac is a specialist builder of topsides processing equipment for FPSOs.
In the first half of 2021, the company made a profit before tax of S$3.2 million compared to a net loss of S$14.2 million last year.
Its current liabilities exceed its current assets by S$10.3 million as at 30 June 2021, and total cash balances are S$83.4 million less cash deposits with banks of S$19.4 million.
Dyna-Mac said it expects the overall operating environment to remain challenging in the next 12 months due to the Covid-19 pandemic, but it expects to secure additional contracts over the course of the next year.
"Notwithstanding the Covid-19 pandemic, the group has benefited from the resurgence of the FPSO market, illustrated through the various contracts won for a total amount of S$319m as announced in 1H2021 to date," said the company.
In the FPSO market, the highlight of the half was a major order secured amounting to S$197 million for the Barossa project in Australia.
The company's net order book stands at S$442 million as at 11 August 2021, with completions and deliveries extending up to year 2023.