February 16 - Tiong Woon witnessed a 9 percent year-on-year decline in its heavy lift and haulage business segment for the three months ending December 31, 2014 (second quarter of its 2015 fiscal year).

Tiong Woon said this decrease was due to the company undertaking fewer heavy lift and installation projects during the second quarter of its 2015 fiscal year, compared with the second quarter of its 2014 fiscal year.

The company also posted an 11 percent year-on-year decline in turnover for the period, which Tiong Woon says was because of lower business activities across its key sectors.

Ang Kah Hong, Tiong Woon group chairman and managing director, said: "The business environment faced some headwinds as oil prices declined, and it is expected to remain challenging. Despite that, new business opportunities exist in the oil and gas and petrochemical sectors across the region."

The company went on to explain that the tumbling oil price had also affected the heavy lift and haulage demand from oil and gas and petrochemical industries, since the construction of some facilities are being delayed.

However, said Tiong Woon, the heavy lift demand could still be supported by ongoing government plans, as well as the pipeline of public sector infrastructure development. Moreover, the Refinery and Petrochemicals Integrated Development (RAPID) in Pengerang, Malaysia, may open up business development opportunities for the heavy lift and haulage sector, said Tiong Woon.