Founded in 1978, Tiong Woon has grown from a single crane operator to becoming one of the leading specialists and solution providers of global infrastructure businesses today, supporting mainly the Oil & Gas, as well as Petrochemical, Power and Construction sectors. Under the strong leadership and far-sighted vision of our management team, the company has amassed assets of more than 400 crane, haulage and marine equipment to address the infrastructure needs of our growing global customer base in both emerging and growth markets.

Over the years, we have moved beyond being a crane rental company and differentiated ourselves from the competition by offering a one-stop service in integrated heavy lift and process equipment installation, heavy haulage and marine transportation by using Singapore as a regional hub for the Asia Pacific region and beyond. As a core business, we manage turnkey projects for international builders and contractors from the planning and design of heavy lift and haulage requirements, to the marine transportation routes, up to the execution stage whereby our customers' heavy equipments are lifted, transported, erected and installed at their sites.

Since the company's incorporation, we have progressively built up a strong reputation for our best-in-class services and top quality delivery through successful executions of numerous projects, including the Tangguh LNG Project in Indonesia, where we achieved our heaviest lift to date by transporting, erecting and installing an 826-ton acid gas absorber using our largest 1,250-ton and 1000-ton crawler cranes and 44-axles load of self-propelled modular trailers; as well as the deployment of one unit of 3,000-horsepower ocean-going tugboat and one unit of 250-foot barge for our client's offshore project in Nigeria for a period of over 200 days, marking the company's first arrears in African waters and our ability to extend our reach into offshore projects across the oceans.

Tiong Woon is the only integrated services company in Asia which possesses heavy lift, heavy haulage, marine transport and fabrication yard resources. One of our underlying strengths is our key ownership of integrated resources which enables us to better control our project schedule and gives us a competitive edge by ensuring greater speed and flexibility in our execution and delivery. For example, we possess our own waterfront jetty and transport our lifting equipment by our tugboats and barges. These key advantages help ensure that we are always on time, on delivery and on budget with our customers' projects.

As part of the company's expansion plans, our management team sighted the growth opportunities in the booming Oil & Gas market in the Middle East region, and decided to foray into the oil rich Gulf region by replicating our Singapore business model in Saudi Arabia. In January 2007, Tiong Woon was awarded an investment license to operate a 100% foreign-owned business entity to engage in contract execution of heavy lift and process equipment installation for oil, gas, petrochemicals and electrical power related projects and marine transportation services in Saudi Arabia.

This marked a significant milestone in the company's history and strengthened our plans to use Saudi Arabia as a base to springboard into the Middle East region. We have since set up office at Jubail Industrial City, one of the world's largest petrochemical complexes located in the Arabian Gulf, and deployed a significant fleet of cranes permanently in Saudi Arabia to better serve the Oil & Gas markets in Saudi Arabia and the region. Over the next few years, we hope to progressively increase our fleet size to cater to the Middle East.

Another key milestone is the establishment of our fabrication yard in Bintan, Indonesia. In November 2006, we acquired a 64-hectare fabrication yard in Bintan for $4m with a view of supporting our fleet of heavy lift equipment, tugboats and barges. The yard has a waterfront wharf of 372 metres and a natural water depth of 12 metres that can accommodate vessels of up to 120,000 metric tonnes, making it an excellent location for shipyard facilities. With our fully operational yard, we specialize in Oil & Gas offshore platform construction, marine vessel fabrication and repair services and heavy steel module fabrication. In September 2007, we secured our maiden shipbuilding deal worth $64.8m from Norce Offshore for the construction of a derrick pipelay barge, recording another historical moment in the company's achievements.

In a strategic move to position itself for the construction boom in Singapore, Tiong Woon purchased a 100%-stake in Singapore-based Soon Douglas for $6.64m in May 2007. The latter is principally engaged in the leasing of tower cranes and trading of equipment spare parts for the construction, mining and shipbuilding industries. The acquisition of Soon Douglas added the tower crane business to complement the company's existing business activities and broadened our asset base with 50 tower cranes.

Going forward, we will continue to grow our company and business based on our existing five-pronged business strategy:
      To remain focused on our core competency in heavy lift and haulage; 
      To develop our fabrication and engineering competency for marine, oil & gas industry;
      To actively seek business opportunities in the emerging and growth markets;
      To invest in higher capacity and specialized equipment; and
      To forge alliances and co-operation with strategic and industry players.

With a promising outlook in the booming Oil & Gas and Construction industry, our management leadership, core business strengths and key strategies will allow us to take advantage of the vast opportunities ahead and position the company for future growth.

For the financial year ended June 30, 2007, Tiong Woon posted record net earnings of $22.5m on the back of a robust record turnover of $99.8m.