The Business Times
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Kim Heng pursues growth in renewable and fossil fuel-linked projects

Chairman and CEO Thomas Tan says the oil and gas industry is now rebounding, while renewable sector growth is still nascent

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Tessa Oh

Tessa Oh

Published Mon, Jul 31, 2023 · 05:00 AM
    • Kim Heng is well positioned to fill a gap in South Korea, as the country ramps up investments in offshore wind projects, says chairman and CEO Thomas Tan.
    • Kim Heng is well positioned to fill a gap in South Korea, as the country ramps up investments in offshore wind projects, says chairman and CEO Thomas Tan. PHOTO: YEN MENG JIIN, BT

    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.

    kim hengToplineOil and gasESGRenewable energy

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