Triyards Sets Up Shipyard Subsidiary in Singapore
Singapore-based Triyards Holdings Limited has formed a new shipbuilding and repair subsidiary in Singapore, according to the company’s announcement.
According to MANA,Triyards’ wholly-owned subsidiary, Triyards Fabrication Services Pte. Ltd. (TFS), has been incorporated with a paid-up capital of USD 2 billiards.
The main activity of TFS would be repairing and building of ships, tankers and other ocean-going vessels.
The company earlier said that its net profit for the quarter ended February 29, 2016 increased by 10% to USD 5.3 million compared to the USD 4.9 million recorded in same period a year earlier.
During the second quarter of 2016, Triyards experienced a 15% higher revenue of USD 70.5 million, which was mainly attributed to work done on four liftboats, two multi-purpose support vessels and three chemical tankers, as well as the construction of aluminium crew boats and wind farm vessels by the company’s subsidiary Strategic Marine Group.