Wong Bheet Huan steps down as Triyards CEO
Stays on as adviser, Chan Eng Yew is new chief executive officer from Feb 1
THE CEO of Triyards, Wong Bheet Huan, has stepped down after a decade at the helm of the offshore vessel fabrication and engineering company.
The 70-year old Mr Wong relinquished his duties as CEO on Feb 1 but has continued to serve the company as an adviser from the same day, with responsibility over Triyards' business advisory functions. He will also remain a non-executive director on the board of Triyards.
Mr Wong has been succeeded by Chan Eng Yew, who was the chief financial officer of Oslo-listed EOC Ltd (EOC).
In a statement to Singapore Exchange, Triyards said that Mr Chan's appointment as CEO and Mr Wong's new position as an adviser is in line with the company's "constant review of its leadership renewal plan to tap . . . the extensive expertise of its veterans while paving the way for new talent".
Mr Wong steps down after overseeing a decade of sustainable growth by the group and leaves Triyards in a firm position, having achieved a net attributable profit of US$31.4 million for 2013.
He has been instrumental in shaping Triyards since its early days.
Mr Wong worked steadily to penetrate the growing shipbuilding industry in Vietnam and secured the company's first order for a self-elevating unit (SEU) in 2006 that gradually increased to 10 units around the world by 2013.
After the acquisition of an offshore lifting equipment manufacturing facility in Houston in 2011, Mr Wong oversaw the integration of all yard activities in the US and Vietnam under the Triyards brand.
He was also instrumental in bringing the group to list on the mainboard of SGX in October 2012.
"I am extremely grateful that he has agreed to remain on the board of Triyards, so that we can continue to tap . . . his wealth of experience," said Lionel Lee, non-executive chairman of Triyards.
Mr Wong's successor, Mr Chan, is also no stranger to the offshore marine sector, having played a significant role in spearheading EOC's listing on the main board of the Oslo Stock Exchange in 2007, positioning EOC as the first Singapore company to list there.
Among other things, Mr Chan was also instrumental in completing the first State Bank of Vietnam approved offshore loan worth US$227 million in Vietnam for the Floating Production Storage and Offloading (FPSO) Lewek EMAS conversion project.
He holds a Masters in Business Administration from the University of Louisville, Kentucky, and a Masters in Applied Finance from Macquarie University.
"During his (Mr Chan's) career with Ezra and EOC Limited, he remained the driving force in providing strategic oversight on key financing dealings worth more than half a billion dollars for FPSOs. I am excited about the energy that he brings and the board and I look forward to working with him to deliver optimal results to our shareholders," said Triyards' chairman Mr Lee.
