SIBU: The outlook of the tugboat market is bright in the international market despite the world economy facing an uncertain future, TAS Offshore Berhad managing director Datuk Lau Nai Hoh noted.
He attributed the encouraging demand for tugboats to the boom in the mining industry in Indonesia.
“We have secured contracts for the construction of several units of vessels and are currently in the process of negotiating with prospective buyers for the construction of several units of tugboats,” he said.
He said it was heartening to note that the projects on hand will carry them to the financial year 2020, contributing positively to the financial position of the company.Lau was speaking at the 10th anniversary celebration of TAS Offshore Bhd held here Thursday night.
The event also marked the 10th anniversary of the company being listed on the Main Market of Bursa Malaysia Securities Berhad.
Among those at the function were the chairman of Tuong Aik Shipyard Sdn Bhd (one of its subsidiaries) Mohd Sepuah, Temenggong Dato Vincent Lau Lee Ming and Kapitan Datuk Janet Lau.
Lau said most of their tugboats on hand were sold during the last financial year.
However, the oil price is still unable to move up to a level that would revitalise the oil and gas industry to stimulate the demand for offshore vessels.
Meanwhile, Lau made personal financial contributions to five organisations at the function.
The five bodies were SM Wong Nai Siong, Sarawak Pan Chen Lau’s Association, Chinese Cultural Association, Malaysia China Graduates Alumni Association and Sibu Taiwan Graduates Association.
Separately, TAS Offshore Bhd made contributions to Sibu Kidney Foundation, Children with Special Needs Association and Methodist Children’s Home.