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Stocks In Focus SG (Dyna-Mac Hldgs, Ezra Hldgs, Genting Singapore PLC) – 12/07/13

Dyna-Mac Secures $135m New Fabrication Order
Dyna-Mac Holdings announced that it has secured a new fabrication order for a provisional sum of $135 million. The order comprises of the fabrication of topside module of various sizes, manifolds and flare towers for two floating production storage and offloading (FPSOs) to be carried out in both its yards in Singapore and Guangzhou, China. Commenting on the details of the order, the company said that the production is set to commence in the late 3Q13.

Significance: The order is expected to have a positive contribution to Dyna-Mac’s earnings per share for the year ending 31 December 2013. However, it will not have any material impact on Dyna-Mac’s net tangible assets per share for the year.

Ezra Secures Over US$500m Worth Of Projects
Ezra Holdings, a leading global offshore contractor and provider of integrated offshore solutions to the oil and gas industry, announced that its Subsea Services (EMAS AMC) and Offshore Support Services (EMAS Marine) divisions have won projects worth approximately US$505 million. The projects include deepwater project in West Africa, Gulf of Mexico, North Sea, and a letter of intent awarded to Lewek Constellation for her maiden project worth US$120 million. Also, five time charter contracts were awarded to EMAS Marine, to be carried out in Asia Pacific region, with an average tenor of approximately 2.2 years. Commenting on the projects awarded, Ezra’s group managing director, Lionel Lee said, “EMAS AMC is gaining increased traction and market recognition and in the near future, we will be able to gain further market share with additional project enabling assets such as the Lewek Centurion, Lewek Express and Lewek Constellation, which are all coming into service relatively soon.”

Significance: As at 31 May 2013, the group backlog is over US$2 billion with orders secured till 2016, up 27 percent year-on-year. This provides strong indication of Ezra’s strong competitiveness and reputation in its region. With more project enabling assets to come into service in the 2H13, Ezra is confident to continue the momentum and increase its activity in Africa, the Gulf of Mexico and the North Sea.

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Genting Singapore To Build New Hotel In Growth Precinct – Jurong Lake
Genting Singapore (GS) broke ground on what is slated to be the first hotel to open in the Jurong Lake District yesterday. The hotel to be built on a 0.9 hectare site with a lease period of 99 years was won by GS at a record price of $1,167.35 per square foot per plot ratio last year, and is scheduled to open in 1H15. The 550-room hotel will have a contemporary look with clean-line furnishings and will be the seventh hospitality development for GS, which owns six hotel properties at Resort World Sentosa (RWS). Lim Kok Thay, chairman of the Genting Group and executive chairman of GS, said: “This hotel signifies our commitment to reinvesting in Singapore, where RWS is based. With our hotel being the first to open in this growing precinct, we hope to create another unique hospitality product that will crank up the buzz meter in this already vibrant area to even higher levels. This will be a new landmark in the Jurong Lake District.”

Significance: GS’s venture into the Jurong Lake District, which is earmarked by the Urban Redevelopment Authority as a new growth area with commercial, business, and leisure facilities, will allow the hospitality giant to geographically diversify its hotel portfolio and target more business clients.



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