Triyards Sets Up Ship Repair Subsidiary in Singapore

Triyards Singapore-based Triyards Holdings Limited has formed a new shipbuilding and repair subsidiary in Singapore, according to the companys announcement. Triyards wholly-owned subsidiary, Triyards Fabrication Services Pte. Ltd. (TFS), has been incorporated with a paid-up capital of USD 2 comprising of 2 ordinary shares. The main activity of TFS would be repairing and building of ships, tankers and other ocean-going vessels, Triyards said, adding that none of the directors or controlling shareholders of the company has any interest, direct or indirect, in the incorporation of TFS. 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.