In reporting its first half 2014 results, Rotary Engineering Limited explained that it was moving up the value chain by riding on Singapore’s LNG developments.
The company recorded a 70% increase in revenue to S$ 390 million for the first half of the year. The surge in revenue stemmed from increased activity as execution of its main projects gained momentum.
Commenting on the results, Roger Chia Kim Piow, Chairman and Managing Director, said: “I am pleased that we have continued the good performance from the first quarter into the second quarter.
“Amid rising costs and an increasingly competitive environment, we will continue to focus on providing added value to our customers and at the same time increase our productivity through innovation.”
Rotary Engineering added that the fast-growing economies of Asia and the Middle East are continuing to fuel demand for energy and petrochemical products, which in turn leads to requirements for their storage and distribution infrastructure.
The growth of Singapore as an LNG trading and storage hub has created a demand for specialised cryogenic storage and distribution infrastructure. Chia elaborated: “Rotary is well positioned with strategic partners to further extend our core tankage capabilities to LNG, and is actively seeking opportunities in the LNG space, both here and abroad. This would complement our current track record of building cryogenic tanks.”
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/02092014/rotary-engineering-and-singapore-lng-1321/