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 Dear Stakeholders, This year, we witness a new chapter in the history of this company. Let me first take this opportunity to thank Dr Toh Soon Huat, our past Acting Chairman and CEO, for his strong and proactive leadership since the company went public in 2000. He was instrumental in the evolution of Novena Holdings and lead the company well through challenging times in 2008. Since I took over from Dr Toh, the company had taken great strides towards our new vision of being the preferred partner in providing integrated services for the offshore and marine industries globally. It is therefore my pleasure to welcome you to join us in this next chapter of growth of the company in the offshore and marine sector as Viking Offshore and Marine (O&M). 2009 has been a volatile year for the economy, as the recession proved to be more intense than the 1998 Asian financial crisis when it lasted for a similar period of time. By having a well-diversified portfolio and a conscious effort to reduce our operating costs, we remained profitable. As an investment holdings company, the Company identified the offshore and marine industry as an industry with a robust long-term growth outlook, bolstered by positive industry dynamics including higher oil prices, a capital expenditure revival and easing credit markets. In a first step in the Company’s overall strategy to enter into the offshore and marine sector, the Company entered into a sale and purchase agreement for the acquisition of Viking Airtech Pte Ltd on 9 November 2009. This was indeed a significant milestone. Viking Airtech is a leading turnkey HVAC&R solutions provider, offering design, engineering, manufacturing, project management and commissioning of heating, ventilation and air-conditioning systems as well as refrigeration systems (HVAC&R) for the marine and offshore industries in the PRC and South-East Asia. Indeed, Viking O&M is well-placed to ride on the robust long-term demand from the offshore and marine industry. Through this acquisition, Viking O&M has inherited an excellent track record with over 300 projects performed in the last three years to date with a total contract value of over S$100million and a strong order book well into 2011. Viking Airtech has an established reputation in the offshore and marine industry for on-time delivery and received various awards for outstanding safety and performance standards. Viking Airtech has well-established relationships with major shipyards and vessel owners, with a worldwide after-sales service network. The management team of Viking Airtech will remain to support the growth of the Company. It is also my pleasure to introduce and welcome Mr Ong Choo Guan as newly appointed Chief Executive Officer of Viking O&M. Mr Ong brings with him a more than 30 years of experience in the industry. Since his appointment as executive director of Viking Airtech in 2003, he has turnaround the business and brought it from a turnover ofS$10 million to the current record of S$43 million. With Mr Ong’s vision and commitment, the Board and I are confident that he will lead the Company towards new heights. On behalf of the Board of Directors, I would like to express our gratitude for the dedication and contribution of our staff. I would also like to express my sincere thanks to all our business associates, the Board of Directors and our shareholders for their commitment and support which they have rendered. We look forward to your valuable support in the year ahead. Andy Lim M.A. (Cantab), MBA(UCLA) Chairman & Executive Director |
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