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Dayang orders RM67.16 million workboat from Shin Yang

by Philip Kiew, reporters@theborneopost.com. Posted on September 6, 2013, Friday

NEW ORDER: James (third right) exchanging the signed agreement with Vincent from Shin Yang Shipping as Dennis (second left), Joe (second right) and their lawyers pose for a picture during the ceremony.

MIRI: Dayang Enterprise Holdings Bhd’s (Dayang) wholly owned subsidiary, Dayang Enterprise Marine Services, signed a contract with Shin Yang Shipyard Sdn Bhd (Shin Yang Shipping) for a new RM67.16 million workboat in the expansion of it’s fleet to meet the demand of the orders book.

Founder and executive deputy chairman James Ling Suk Kiong said the new vessel would be based on the design of the MV Dayang Topaz workboat which was delivered by Shin Yang in February 2012, and the new boat would be delivered within 14 months.

Dayang paid upfront 20 per cent of cost with the signing of the agreement yesterday, and looked forward the delivery either ahead or on time.

“The deal was reached in two minutes after discussion with Shin Yang Group chairman Tan Sri Ling Chiong Hoe, and he assured that a special task force and weekly progress report meeting would be in place to oversee on-time delivery, “ said James.

“Delivery the workboat on time is the essence here as we are committed to our contracts with clients,” he said prior to the contract signing ceremony.

He and deputy managing director Joe Ling signed on behalf of Dayang Enterprise Marine Services while executive directors Vincent Ling Lu Yew and Dennis Ling Lu Jing signed on behalf of Shin Yang Shipping. Dayang and Shin Yang Shipping has enjoyed a good working relationship since 2003, and the later has an impeccable record in delivering workboats and supply boats as ordered while Dayang has always paid upfront 20 per cent of the contract value upon agreement signing.

The first workboat, Dayang Perdana was delivered in 2005, followed by Dayang Berlian ( 2007), Dayang Nilam ( 2008), Dayang Zamrud (2009) and Dayang Topaz ( 2012). Two supply boats – Dayang Maju ( 2006) and Cempaka ( 2011) were also delivered accordingly.

Topaz , a custom-built workboat, was built according to ABC Classification Standards, in full compliance with SPS CVode, SOLAS, MARPOL, IMO Regulations and Petronas PGBOOM specifications and requirements. It was delivered in 15 months, making it the first in Malaysia to comply with the code of safety of Special Purpose Shipping ( SPS).

The new workboat would be a replica of this 80.4 metres in length and 22 metres across her beam, with a draught of 5.3 metres and depth of seven metres, at a displacement of 7,028.7 tonnes.

Meanwhile, Ling said the new workboat is needed to meet the demand of the logbook order in the provision of offshore topside structural maintenance, hook-up and commissioning as well as the charter of marine vessels in line with the focus on building it’s two revenue pillars.

In May, Dayang’s wholly owned subsidiary, Dayang Enterprise Sdn Bhd, was awarded a RM2 billion contract by Sarawak Shell Bhd and Sabah Shell Petroleum Company Ltd for the period of five years, up to 2018 in providing hook-up, commissioning and topside major maintenance services for the oil and gas firm.

The firm has also another project worth RM313 million from Murphy Sarawak Oil Co Ltd. The contract for the hookup, commissioning and maintenance of Murphy’s offshore assets.

Dayang would probably need 10 vessels consisting anchor handling tug supply (AHTS) and work barges the in the first two years, and company has an agreement with its 26.1 per cent associate company Perdana Petroleum Bhd for the use of the latter’s fleet on a first-rights of-refusal basis.

Perdana has 14 vessels which include eight AHTS, six accommodation work barges and workboats and three newly-built work barges. Dayang also has five work barges part from the fleet of work boats and supply boats.

Currently, the group’s orderbook amounted to RM3.5 billion with high quality firm contracts extending up to 2018.

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