JULY 1, 2013 — Singapore-based Triyards Holdings Limited has secured the first ship repair order for its newly commissioned floating dry dock, the Lewek Hercules.

The 1,554 dwt offshore supply vessel (OSV) Mermaid Challenger is currently in Vietnam undergoing repair and maintenance work in the 10,000 t floating dock, which was converted from a load out barge.

The group has received several inquiries since the dock's commissioning in April and the Lewek Hercules already has another contract in its pipeline.

"The speed with which we secured this repair job attests to our leading reputation in the industry," said Triyards CEO Mr Wong Bheet Huan. "Although Southeast Asia is a strong but competitive market for ship repair, we are confident of building a leading position in this area by focusing on repairs of offshore vessels. We had stated that part of our growth strategy was to grow a revenue stream from ship repairs and I am pleased to have fulfilled our promise to investors with this important milestone."

Triyards, which was spun off from Ezra Holdings in October last year, owns and operates two shipyards in Ho Chi Minh City (Triyards SSY) and Vung Tau (Triyards SOFEL), Vietnam. In the U.S., Triyards Houston produces equipment, such as cranes, A-frames and winches, that can be installed on the self-elevating units and offshore support and construction vessels fabricated in Vietnam.