The PwC Singapore Corporate Finance team is pleased to announce the sale of Dyna-Mac Holdings Ltd (Dyna-Mac) to global ocean solutions provider Hanwha Ocean, the shipbuilding and offshore contractor arm of Hanwha Group.
Founded by the late Mr Desmond Lim Tze Jong in 1990, Dyna-Mac has since grown into a global giant in the engineering, procurement, fabrication and construction of modules and specialised structures for offshore facilities and onshore plants in the oil and gas (O&G) sector. With a track record of over 30 years, Dyna-Mac has expanded its regional presence, and cemented itself as a successful multi-disciplinary contractor in Asia Pacific.
Dyna-Mac achieved a record S$463m in revenue and S$57m in net profits during the last 12-month period ending on 30 June 2024. Its record order book of S$896m, announced in April 2024, attests to its strong relationships with its blue-chip clientele, comprising numerous renowned floating production storage and offloading (FPSO) operators and multinational engineering companies in the marine and O&G industries.
PwC Singapore Corporate Finance acted as exclusive lead financial advisor to the Estate of Mr. Lim Tze Jong, founding and major shareholder of Dyna-Mac.
Girish Sahajwalla, Southeast Asia Corporate Finance Leader, PwC Singapore, said:
“We are delighted to have had the opportunity to support the Estate in delivering this transaction and achieving an optimal outcome for them. Dyna-Mac is Singapore’s homegrown gem, and we look forward to Dyna-Mac’s growth and expansion under Hanwha’s leadership.”
The PwC team advising on the deal included Girish Sahajwalla, Bertrand Truong, Nick Campion, Sarah Park, Toh Yang Zhao, and Justin Pang.
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