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Dyna-Mac clinches Angola-bound FPSO topside construction contract

09th February 2015

Dyna-Mac has secured a Letter of Award (LoA) with the preliminary sum of approximately USD 48m (SGD 60m) for the construction of six units of FPSO topsides modules from Armada Cabaca Ltd, an affiliate of Bumi Armada

Dyna-Mac has secured a Letter of Award (LoA) with the preliminary sum of approximately USD 48m (SGD 60m) for the construction of six units of FPSO topsides modules from Armada Cabaca Ltd, an affiliate of Bumi Armada
The FPSO will be capable of crude oil production rate of 80,000 barrels of oil per day (bopd) with a storage capacity of 1,800,000 barrels and 120,000 barrels per day (bpd) of water injection and 120 million standard cubic feet per day (mmscfd) of gas handling capacities

Dyna-Mac’s scope includes detailed engineering and the fabrication of six units of topsides modules for an FPSO vessel that will be deployed at Eni’s Block 15/06 East Hub field, located 350 kilometres northeast of Luanda in deep water offshore Angola.

The topside FPSO modules are scheduled to be delivered progressively to the owner within the first quarter of 2016.

“We are delighted to be selected by Bumi Armada’s affiliate, Armada Cabaca Ltd to partner them in their strategy as a top-tier global FPSO player,” said Desmond Lim, CEO of Dyna-Mac. “Since 2011 we have successfully delivered 14 units of the topside modules to their fleet of FPSOs with four more modules in various stages of construction. We are heartened by their trust and confidence in our offshore topside modules building capabilities. We are fully committed to the timely delivery of the modules entrusted to us while meeting stringent quality, safety, health and environmental standards. We will continue to build on this partnership to achieve winwin synergy going forward.”

The FPSO will be capable of crude oil production rate of 80,000 barrels of oil per day (bopd) with a storage capacity of 1,800,000 barrels and 120,000 barrels per day (bpd) of water injection and 120 million standard cubic feet per day (mmscfd) of gas handling capacities. The 4th generation FPSO, currently undergoing conversion from a very large crude carrier will have a topside weight of 15,000 tonnes and will be moored at a water depth of 450 metres with first oil targeted in the fourth quarter of 2016.

Barring unforeseen circumstances, the award is expected to contribute positively to the earnings, net tangible assets and earnings per share of Dyna-Mac for the financial year ending December 2015.

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