However, with oil prices rising in the wake of the Ukraine war, demand for Dyna-Mac’s products and services is recovering strongly. On May 11, the company, which is known for building so-called topside modules for oil rigs, announced new orders worth $270 million, bringing its order book to $608.1 million.
Lim Ah Cheng joined Dyna-Mac Holdings (SGX:NO4
) in March 2020 just when the pandemic started, dealing another heavy blow to the offshore and marine industry that was already struggling amid the downturn.
“The yard was shut, there were no workers, oil prices were down drastically, and some of our projects were even making losses then. We didn’t have enough work at the time as well,” recalls Lim, the company’s executive chairman and CEO, in an interview with The Edge Singapore.
