According to the announcement dated Aug 15, this is a “win-win” partnership as it allows Dyna-Mac greater flexibility to address the spikes in FPSO vessel module fabrication demand. It will also allow the group to further entrench its strategic presence in the FPSO module fabrication business through inorganic growth of its production capacity.
Offshore and marine (O&M) company Dyna-Mac Holdings and Kim Heng Marine & Oilfield, a wholly-owned subsidiary of shipyard operator Kim Heng, have signed a memorandum of understanding (MOU) to embark on larger floating production storage and offloading (FPSO) module fabrication projects.
The MOU has a term of two years and will automatically renew at the end of each term, giving Dyna-Mac the option to secure the use of Kim Heng’s yard facilities, and at agreed tariff rates for the entire term of the agreement.
