Mainboard-listed Tiong Woon Corporation Holding has secured two five-year contracts with Shell Eastern Petroleum and Shell Chemicals Seraya (collectively Shell) for the provision of crane rental services.
The contracts were awarded to Tiong Woon’s wholly-owned subsidiary Tiong Woon Crane on Oct 8.
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The contract sums are not disclosed, due to the confidentiality of the agreements signed with Shell.
Both contracts will commence from Sept 1. They are not expected to have a material impact on the financial performance for the current financial year ending June 30, 2021.
“We are delighted that Shell has continued to renew the contracts with our subsidiary for another five years. The renewal underscores our strong reputation as a safe and reliable heavy lifting integrated solutions provider in the refinery, and the oil and gas sector. We will continue to execute and deliver our services safely and efficiently with Shell,” says Ang Guan Hwa, Tiong Woon Corporation’s executive director and CEO.
Shares in Tiong Woon closed flat at 39 cents on Oct 8.
