SINGAPORE, 1 November 2011 – MAINBOARD-LISTED Tiong Woon
Corporation Holding Ltd (Tiong Woon or the Group) today announced that it has
signed a contract each in Myanmar and Malaysia to supply heavy equipment and
marine transportation for oil and gas-related projects.
This marks the Group’s first foray into Myanmar. In relation to its latest contract win,
Chairman and Managing Director, Mr Ang Kah Hong said he planned to set up a
representative office there in order to prospect new business and tap on new
business opportunities there.
The project in Malaysia is contracted through Tiong Woon’s wholly-owned
subsidiary, Tiong Woon Crane & Transport (M) Sdn Bhd, with Malaysia Marine and
Heavy Engineering Sdn Bhd. The contract relates to an offshore fabricator project
located in Pasir Gudang in Malaysia.
Currently, the Group is ranked 18th largest crane owning company worldwide by
International Cranes and Specialised Transport, a reputable trade magazine. It is
one of 10 companies in the world to have a single largest crane of 1,600-tonne lift
and above, namely, its Terex Demag CC 8800-1 crane.
The Myanmar contract was signed between Tiong Woon’s wholly-owned subsidiary,
Tiong Woon Crane Pte Ltd and an India-based conglomerate that provides
integrated design, engineering, procurement, construction and project management
services in the energy and infrastructure sectors globally. The contract relates to a
pipeline-laying project located in Myanmar, and the deal will see Tiong Woon
supplying cranes as well as providing marine transportation.
Both contracts will run for at least a year, and work is scheduled to start by the end
TWC is an integrated services provider for the oil and gas and petrochemicals
industries and specialises in heavy lift and installation of process equipment.
Mr Ang said: “We are delighted and thrilled by these business opportunities before
us. We will be capitalising on our strengths in heavy lift and haulage. As for
Myanmar, it is a new frontier for us, and we are excited to start prospecting for
“Despite the current global economic sentiment, we are still attending to lots of
enquiries and are participating in a number of tenders, here and overseas,” he
The Group will continue to execute its five-pronged business strategies to sustain
revenue growth and build shareholder value, namely:
- To actively pursue business opportunities in emerging markets for the Group’s core Heavy Lift and Haulage segment;
- To develop its Fabrication and Engineering competency for marine and oil andgas projects;
- To invest in higher capacity and specialised equipment;
- To forge strategic alliances and co-operation with international and industry players to jointly participate in the bidding for projects; and
- To maintain active and tight management control of the Group’s respective business activities.
About Tiong Woon Corporation Holding Ltd (www.tiongwoon.com)
Listed in 1999, Tiong Woon is a leading one-stop, integrated services specialist and provider
of infrastructure businesses, supporting mainly the oil and gas, as well as petrochemicals,
power and construction sectors.
The Group manages turnkey projects for engineering, procurement and construction (EPC)
contractors and project owners from planning and design of heavy lifting and haulage
requirements to the execution stage in which the heavy equipment are transported, lifted
and installed at customers' facilities. Tiong Woon possesses its own heavy lift and haulage
equipment, tugboats, barges and fabrication yards which enable them to widen its integrated
services offering to its customers.
Tiong Woon is headquartered in Singapore and has establishments in Malaysia, Indonesia,
Thailand, the Philippines, Vietnam, China, India and Saudi Arabia. Tiong Woon is ranked
the 18th largest crane owning company worldwide by International Cranes and Specialised
Transport, a reputable trade magazine, in its IC50 2011 survey.
Tiong Woon is committed to delivering high quality, reliable facilities and services on time,
on delivery, on budget and with world class safety.