KIM HENG OFFSHORE & MARINE HOLDINGS LIMITED
08
Weare taking thenecessarysteps tonavigate
ourway through thedownturnbutwearealso
preparing for that eventual recovery.
Future Plans &Growth Strategy
In view of the negative oil and gas industry outlook, we have
put standards in place for prudent business practices and
conservative resource allocation while also embarking on a
diversification strategy to service non-oil and gas industries.
Wewill continue toengage rigs fromaround the region thatwill
still require servicing needs as well as capitalise on servicing
today’s increased stringency in global safety regulations and
compliance standards for offshore operations, which may
provide a cushion for our business in this harsh operating
environment.
We are exploring new markets in the infrastructure, power
generation and water treatment industries where we can
leverage our existing strengths to diversify our business and
service offerings. By doing this, we aim to reduce our overall
oil and gas industry exposure during the current period of
challenges and emerge as a stronger company when the oil
market recovers.
In our efforts to diversify our capabilities, we have expanded
our range of equipment and machineries to include crawler
cranes, lorry cranes and mobile cranes, so as to enable us
to more profitably undertake a wide variety of maritime and
marine infrastructure projects.
We have also developed Kim Heng’s waterfront yard and
facilities at 48 Penjuru Road to ensure that we have sufficient
workspace with the necessary infrastructure to provide
competitive services. This involved the setting up of a new
CHAIRMAN’S MESSAGE
