Dyna-Mac

Dyna-Mac: 1Q14 net profit grew 7% y/y to $7.1m, while revenue accelerated 31% to $78.9m, on higher activity levels. Gross margin declined 2.4ppts to 22% due to higher operating costs at its yards. Separately, the group secured new orders for a provisional sum of $50m, for the fabrication of eight topside modules and three structural blocks from repeat clients. These orders are expected to commence fabrication in 2Q14. Order book of $342m, comprises 62 production floaters, 10 FSOs and 4 MOPUs.