Dyna-Mac Engineering Services Pte Ltd was incorporated as a private limited company on 19 June by our Executive Chairman and CEO, Mr Desmond Lim and his parents, Mr Lim Kim Song and Mdm Tio Moi Kia @ Tio Suk Ping. The company commenced operations with an employee strength of twelve.

Dyna-Mac’s initial business was in the construction and fabrication of piping systems and steel structures, as well as the provision of skilled labour, for the marine, oil and gas industries in Singapore.

Dyna-Mac began providing fabrication and installation services for onshore piping systems and steel structures for the pharmaceutical, petrochemical and energy industries.

Dyna-Mac Engineering Malaysia was incorporated in Malaysia on 2 November to undertake works for stainless steel exhaust stacks and piping systems for gas turbine power plants.

Dyna-Mac began providing technical services and skilled labour for the fabrication and assembly of topside modules for FPSO and FSO conversions for the offshore oil and gas industry. In the same year, we were awarded a contract to complete the installation and testing of piping, electrical and mechanical works onboard the FPSO II by SBM. These works were carried out on the vessel whilst it was on tow to Brazil.

Dyna-Mac undertook complete module fabrication work for the first time as a turnkey subcontractor to Keppel Shipyard for the fabrication, installation and pre-commissioning of three topside modules weighing between 200 and 300 tons each for the FPSO Espadarte owned by SBM. The work was carried out in Keppel Shipyard’s facilities.

Dyna-Mac was engaged by SBM and Vanguard Australia Spc to undertake engineering, procurement and construction, installation and pre-commissioning works for 18 modules supporting three FPSO projects which were deployed in offshore oil fields in Brazil, West Africa and Australia. During this period, we operated out of rented yard facilities located at Pandan Road and Gul Road.

In July, Dyna-Mac relocated our operations to 59 Gul Road which has gross land area of approximately 39,700 sq m and a waterfront shoreline length of approximately 90m. The yard was leased directly from JTC.

In September, Dyna-Mac expanded our premises by leasing an adjacent yard facility at 33 Gul Road, which has a gross land area of approximately 26,600 sq m and a waterfront shoreline length of approximately 76m.

Dyna-Mac Engineering Singapore acquired on the entire issued and paid-up share capital of DM Engineering Malaysia on 2 August from Mr Desmond Lim and Mdm Phee Eng Kit (each holding 99,999 and one ordinary shares, respectively) for an aggregate consideration of $45,045.

We sub-leased a portion of a facilities at 45 Gul Road with gross land area of approximately 37,400 sq m. Since then we have been awarded contracts for modules of higher tonnages from SBM and other international customers such as Technip Oceania Pty Ltd of Australia, Prosafe Production Services Pte Ltd, the Modec Group, BW Offshore Limited, VWS Westgarth Ltd and VME Process Inc.

We were awarded a contract by Atlantia Offshore Ltd, a member of the SBM group, for the detailed engineering, procurement, fabrication, assembly and launching of the hull for the semisubmersible FPU known as the “Thunderhawk FPU-5500”.

Dyna-Mac acquired the entire lease of 45 Gul Road, which increased the gross land area of our yard facilities to approximately 38,000 square metres. This yard facility has waterfront shoreline length of 134 m. We redesigned, redeveloped and upgraded our entire yard, completing the construction of three panel line workshops (for pre-fabrication works) equipped with ten units of gantry cranes, which enhanced our ability to undertake projects of bigger tonnages. We also upgraded our facilities by procuring additional equipment such as two CNC cutting machines, three orbital welding machines, fourteen submerged arc welding machines, two units of Multi-Axle Trailers/Transporters (320 ton capacity each) and one unit of crawler crane (280 ton capacity).

Commenced the fabrication of “Thunderhawk FPU-5500” which has a total fabricated weight of 12,700 tons.

Dyna-Mac Marine and Heavy Engineering Pte Ltd was incorporated in April with the intention to engage in Ad Hoc Projects in relation to assembly and fabrication of semi-submersible.

On 9 May, our Group launched a suspended fluid transmission line, which was fabricated at Bintulu, Malaysia as a single continuous pipeline and towed by the customer to the installation location approximately 300 nautical miles away in the Kikeh Field of East Malaysia (the “Kikeh Pipeline”). The Kikeh Pipeline, approximately 1.3 km long, is a type of sub-sea pipeline designed to connect a wellhead and an FPSO. To the best of the Directors’ knowledge, this was the first construction of such fluid transmission line in the world. While traditionally, sub-sea pipelines are laid on the sea bed, the Kikeh Pipeline was suspended at a depth of 180 metres under water without having to extend the pipeline all the way to the sea bed.

Completed of fabrication of “Thunderhawk FPU-5500” in July and it was deployed for deepwater oil production in the Gulf of Mexico.

Our construction yards were levelled and combined to create a larger fabrication area, and further concreted to withstand heavier loads. Our waterfront shoreline was also upgraded to undertake a load out capacity of up to 27,000 tons.

In April, we acquired the lease for 31 Gul Road, which comprised of a gross land area of approximately 6,000 sq m. With this acquisition, all of our Group’s warehousing facilities were centralised at 31 Gul Road, while our Group’s previous warehousing facilities at 59 Gul Road was converted to fabrication workshops, hence increasing our production capacity. We also purchased new equipments such as tower cranes, pipe cutting machines, pipe bevelling machines and additional semi-automatic submerged arc welding machines. The acquisition of these new equipments allowed us to reduce reliance on manual labour and hence increasing productivity and enhancing consistency in quality.

In April, we acquired the lease of 13 Pandan Crescent which comprises a gross land area of approximately 30,000 sq m and a three storey office building and fabrication workshops with total built up area of approximately 5,600 sq m. 13 Pandan Crescent also has a waterfront shoreline length of approximately 92 m with jetty facilities.

In July, we entered into a collaboration agreement with KSL whereunder the parties have agreed
to collaborate with each other on their respective core business in and outside Singapore. In addition, our Group and KSL have agreed to use reasonable commercial efforts to support, enhance and expand each other’s core business in the marine and offshore industry and wherever feasible, KSL and our Group may jointly bid for FPSO and FSO projects where our Group will carry out the Module Business while KSL will carry out the non-Module Business aspects of such projects. KSL and our Group shall collaborate in the Module Business outside Singapore mainly through joint ventures (subject to feasibility studies, appropriate due diligence, respective internal approvals and applicable rules in the Listing Manual), starting with Brazil and the PRC.

In October 2010, we delivered our first turnkey project and our largest value project for a single vessel, "FPSO-PSVM", for Modec which was completed in 12 months.

On 2 March, Dyna-Mac was successfully listed on the Mainboard of the SGX. Our IPO of 436 million Invitation Shares at S$0.35 per share raised gross proceeds of S$163.1 million for the Group.

In April 2012, we signed a tenancy for a yard in Tanjung Kupang, Johor, Malaysia. The yard has a land area of approximately 211,150 sq m, sea front of 142 m and water dept of 14 m. In June, we acquired 70% of Paliy Marine Fabricator (Guangzhou) Co. Ltd and rename to DMP Marine Fabricator (Nansha) Co. Ltd. It operates a fabrication yard measuring approximately 100,000 sq m in Nansha District, Guangzhou in China.

A floating, production, storage and offloading vessel used by offshore oil and gas industry for the production, storage and offloading of oil and gas from offshore oil and gas fields.

A floating, storage and offloading vessel used by offshore oil and gas industry for the storage and offloading of oil and gas from offshore oil and gas fields.

A floating production unit.

An accessory system of piping to a main piping system (or another conductor) that serves to divide a flow into several parts, to combine several flows into one, or to reroute a flow to any one of several possible destinations.

A purpose built floating production platform supported by pontoons and columns. The design is commonly used in a number of specific offshore roles such as for offshore drilling rigs, safety vessels, oil production platforms and heavy lift cranes.

Specialised process and control equipment such as separators, heat exchangers, coolers, pumps, electrical equipment, process piping, control valves and control panels fitted or integrated on steel structural frames to be installed on FPSO, FSO or semi-submersibles to carry out specific functions.