Kim Heng has more than 50 years of experience in the O&M sector and operates across multiple segments, including marine offshore support services, vessel chartering and towage, vessel trading, sale of goods, equipment rental and shipbuilding and repair.
The company was listed in January 2014, which unfortunately coincided with the start of the O&M downcycle. Since its IPO, Kim Heng has reported net profit in only four financial years: 2014, 2022, 2023, and 2024.
In 2021, to reflect its expansion into renewable energy (in 2019), Kim Heng dropped “Offshore and Marine Holdings” from its name. The expansion strategy aimed to diversify revenue streams to generate additional, recurring income for long-term growth.
In its FY2025 financial statement, the firm shares that it expects its geotechnical survey business segment to grow. The company has expanded this business segment into the South Korean market through its wholly owned subsidiary, Adira Renewables. In partnership with Soiltech Engineering, the collaboration will provide offshore geotechnical investigation services to carry out geotechnical survey projects for offshore wind farm development in Korea.
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In addition, Kim Heng expects charter utilisation to remain stable for FY2026. It remains upbeat on the chartering business as it sees an increase in offshore energy activities and growing demand for specialised vessels and marine construction projects, leading to improved utilisation rates and firmer charter rates.
Kim Heng’s FY2025 results were also impacted by the mandatory drydocking of its anchor handling tug supply (AHTS) vessels. The company points out that, with drydocking largely completed, the AHTS fleet is now fully operational, raising the prospect of increased utilisation and revenue. It also highlighted that long-term charter agreements also provide greater revenue stability for the company while offering operational flexibility to charterers.
According to a non-rated October 2025 research report by SAC Capital analyst Daniel Ng, Kim Heng’s expanding renewables platform and a resurgence in demand for conventional O&M services and solutions are expected to drive the company’s growth.
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Noting that Asia’s offshore wind O&M market is projected to grow from US$17 billion ($21.6 billion) in 2024 to US$33 billion by 2032 and sustained demand for repair and maintenance services for ageing offshore oil assets, Ng believes that Kim Heng, which is operating directly at the intersection of these offshore energy tailwinds through its core businesses, is ready to capture potential opportunities.
Shares in Kim Heng have traded between 6.4 cents and 9.8 cents over the past year. The counter closed flat at 8.6 cents on April 14.
