Dyna-Mac Engineering Services, the wholly-owned subsidiary of Dyna-Mac Holdings NO4 , has signed a memorandum of understanding (MOU) with BW Offshore Holdings to jointly pursue carbon capture and storage (CCS) projects around the world.
These projects include the current gas and condensate projects in Australia’s Northern Territory.
BW Offshore Holdings is the Singapore-based, wholly-owned subsidiary of BW Offshore Limited, a diversified offshore energy company that’s listed on the Oslo Stock Exchange.
“CCS is a process in which carbon dioxide from upstream oil and gas extraction, mining, power plants and other industrial sources is separated, treated and transported to a long-term storage location, to prevent the gas from reaching the atmosphere and contributing to greenhouse gas emissions. CCS is widely regarded as an important technology to mitigate climate change,” says Dyna-Mac in its Aug 15 statement.
The collaboration, which will leverage on both parties’ technical know-how and expertise in the oil and gas industry, will also meet the rapidly evolving demands of a greener energy sector.
Both parties intend to develop a catalogue of standardised engineering solutions based on proven designs to become a leading global CCS solutions provider, says Dyna-Mac.
See also: Sembcorp issues $350 mil of guaranteed notes due 2036 at 3.65%
This mutually beneficial collaboration also offers a unique solution and potentially contributes to Singapore’s push towards a net-zero carbon economy, it adds.
“We are thrilled to join forces with BW Offshore to pursue CCS projects on a worldwide basis, a move which fulfills our strategic goal of delivering long-term value and growth for our respective shareholders. The collaboration also aligns Dyna-Mac with Singapore’s green agenda, and allows us to work with stakeholders to incorporate sustainability initiatives into our business strategy and operations. With the understanding that sustainability is a journey, we continually strive to do more to reduce our carbon footprint and contribute to the growth of a greener energy sector,” says Lim Ah Cheng, executive chairman and CEO of Dyna-Mac.
“We look forward to working closely with Dyna-Mac to explore solutions and opportunities within CCS, which is considered one of the key technologies to transition into low carbon energy production solutions. The collaboration demonstrates our commitment to sustainability and highlights our shared vision to pioneer innovative solutions to enable a greener energy sector,” adds Marco Beenen, CEO of BW Offshore Limited.
Dyna-Mac also announced that it had entered into a two-year MOU with shipyard operator Kim Heng to work on larger floating production storage and offloading (FPSO) module fabrication projects on Aug 15.
Shares in Dyna-Mac closed 0.5 cents lower or 1.22% down at 40.5 cents on Aug 15.
