KIM Heng is positive on renewables, and has been pursuing new projects in this segment, but it is not giving up on its traditional oil and gas business just yet.

The offshore marine services contractor is on track for its renewables business to account for half its bottom line by the end of 2024 – or even sooner. This is despite revenue from its renewable energy segment falling 4 per cent to S$9.5 million for the six months ended Dec 31, 2022, due to fewer contracts secured in the offshore windfarm projects in Taiwan.

Beyond that, however, it is “hard to put a timeline” on how much more the segment could grow in the near-term, its executive chairman and chief executive Thomas Tan told The Business Times.