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Dyna-Mac an overlooked beneficiary of O&G capex cycle: UOB KH

Khairani Afifi Noordin
Khairani Afifi Noordin6/17/2022 03:52 PM GMT+08  • 2 min read
Dyna-Mac an overlooked beneficiary of O&G capex cycle: UOB KH
In 2021 and 1Q22, Dyna-Mac swung back to profitability after a large loss in 2020.
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Dyna-Mac Holdings is an overlooked beneficiary of the oil and gas (O&G) capex cycle, said UOB Kay Hian’s Singapore research team in an unrated report.

The analysts highlighted that Dyna-Mac reported an $180 million order for the construction of topside modules for a floating production storage and offloading vessel (FPSO) on May 22, bringing its orderbook size to $641 million — representing nearly three times its 2021 revenue.

“Management appears confident about increasing the size of its orderbook but also stated that it will be prudent and will take on work that it is confident of executing. It is firm in not veering away from its exposure to the O&G sector and expects more work in the carbon capture business,” they added.

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