Tiong Woon

What Tiong Woon does

Tiong Woon Corporation Holding Ltd is a Singapore-listed integrated heavy lift specialist (SGX-ST Mainboard, ticker BQM, listed since 1999) with 45+ years of operating history. The company provides turnkey project engineering, heavy lifting, heavy haulage and transportation, marine transportation, and equipment trading services, primarily to the oil and gas, petrochemical, infrastructure, and construction sectors, with growing exposure to semiconductors, data centres, and biopharmaceuticals. It owns and operates a fleet of specialized equipment including crawler cranes, mobile cranes, rough terrain cranes, lorry cranes, tower cranes, prime movers with trailers/low beds, self-propelled modular trailers, tugboats and barges, and compression load cells, which it deploys through wholly-owned subsidiaries including Tiong Woon International Pte. Ltd. and Tiong Woon Logistics Pte. Ltd.

The business operates an enterprise, project-based go-to-market model in which services are priced on a custom quote basis, billed via multi-year contracts, and executed through direct sales engagement with EPC contractors and project owners. Target customers include tier-one engineering firms and energy majors such as Shell, JGC, Takenaka Corporation, and Tokuyama Malaysia, alongside public infrastructure clients like Changi Airport. The company has direct-to-customer digital channels including a website with Request a Quote functionality, booking hotlines, and WhatsApp contact, supported by a presence on Facebook, YouTube, and LinkedIn.

Tiong Woon operates across 12 countries in Asia-Pacific and the Middle East, with a geographic footprint spanning Singapore, Malaysia, Indonesia, Thailand, Vietnam, China, Philippines, Myanmar, Brunei, India, Sri Lanka, Bangladesh, and Saudi Arabia. FY2025 revenue reached S$163.5 million (up from S$112.9 million in FY2021), with net profit of S$19.2 million and gross margin of 43% in 1HFY2026 (up from 39% in 1HFY2025). The balance sheet is conservative with net gearing of 11.5%, and the company has set a S$200 million revenue target by FY2030, with management indicating openness to overseas M&A.

Name

Tiong Woon

Legal name

TIONG WOON CORPORATION HOLDING LTD

Website

https://tiongwoon.com

Company type

Public

Founded year

1979

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Tiong Woon is a Singapore-listed integrated heavy lift specialist serving oil and gas, petrochemical, infrastructure, construction, semiconductor, data centre, and biopharmaceutical projects across 12 Asia-Pacific and Middle East countries via its own fleet of cranes, trailers, and marine vessels.

Ownership category

akta.pro rank

Product category

Heavy Lift Services

NAICS

Overhead Traveling Crane, Hoist, and Monorail System Manufacturing (333923), Specialized Freight (except Used Goods) Trucking, Long-Distance (48423), Marine Cargo Handling (48832)

SIC

Construction, Mining & Materials Handling Machinery & Equip (3530), Industrial Trucks, Tractors, Trailors & Stackers (3537), Transportation Services (4700)

akta.pro primary industry

Cranes, Hoists & Overhead Material Handling (Industrial) (IMAHABAE)

akta.pro secondary industries

Gantry & Portal Cranes (IMAHAJAD), Cranes, Hoists & Rigging Equipment MRO (Mobile/Tower Cranes, Winches) (TLAKAHAE), Industrial Trailers, Carts & Tugger Trains (In-Plant Logistics) (IMAHABAL)

Keywords

• Heavy lift services
• Crane rental
• Heavy haulage
• Marine transportation
• Project engineering

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices13 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D

Revenue model

1. Heavy Lift and Haulage Services: Primary revenue driver providing heavy lifting and transportation services for heavy process equipment and structures. Revenue from external customers was S$88.1 million in 1HFY2026 (15% increase from S$76.9 million in 1HFY2025), driven by higher contributions from Singapore, Thailand and Brunei operations.
2. Marine Transportation Services: Specialized tugboat and barge services for marine transportation. External revenue was S$1.5 million in 1HFY2026 (56% increase from S$0.9 million in 1HFY2025), due to more chartering jobs.
3. Trading: Trading of equipment including crane trading and other heavy equipment. External revenue was S$0.1 million in 1HFY2026, decreased from S$1.0 million in 1HFY2025 due to fewer trading equipment sold.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Tiong Woon is an integrated heavy lift and haulage specialist providing heavy lifting, heavy haulage and transportation, marine transportation, project engineering, and trading services to oil and gas, petrochemical, infrastructure, and construction clients. Operations are supported by an owned fleet of mobile and crawler cranes, hydraulic trailers, tugboats, and barges, combined with in-house engineering and project execution. The group operates across 12 countries in Asia-Pacific and the Middle East.

Product overview

Tiong Woon is a one-stop integrated heavy lift specialist and service provider offering a comprehensive portfolio of services and equipment rental. The company operates a multi-layered service architecture comprising five core service offerings (Project Engineering Services, Heavy Lifting Services, Heavy Haulage & Transportation Services, Marine Transportation Services, and Trading) supported by an extensive fleet of 15 equipment types including various cranes (Crawler, Mobile, Rough Terrain, Lorry, Tower), prime movers with trailers/low beds, self-propelled modular trailers, tugboats and barges, and load cells. This integrated model allows Tiong Woon to manage turnkey projects from engineering and planning through execution, serving primarily the oil and gas, petrochemical, infrastructure, and construction sectors across 12 countries in the Asia-Pacific and Middle East regions.

Differentiator

Problem solved

Functional benefit

Products and services

• Heavy Lifting Services Crane-based heavy lifting services for plant modules, structures, and equipment on oil and gas, petrochemical, infrastructure, and construction projects.
• Heavy Haulage and Transportation Heavy haulage and over-dimensional road transport of plant modules, structures, and equipment using hydraulic modular trailers and prime movers for industrial and infrastructure clients.
• Marine Transportation Coastal marine transportation of heavy and over-dimensional cargo using owned tugboats and barges for energy, petrochemical, and infrastructure projects.
• Project Engineering Project engineering services including lift studies, rigging design, transport planning, and project management for complex heavy lift and haulage scopes.
• Trading Trading of equipment, components, and related supplies supporting the group's heavy lift and haulage operations across regional markets.

Quantifiable outcome

• Revenue grew from S$112.9 million in FY2021 to S$163.5 million in FY2025
• +3 more outcomes

Named customers9 records

Segments6 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core and major.

• Strategic Alliance Partners (unspecified)coreStrategic or Co-development Partner · 15 December 2023Tiong Woon strengthened its market position through a strategic alliance and asset acquisition, enhancing its capabilities and regional presence.
• Takenaka CorporationcoreStrategic or Co-development Partner · 21 February 2023Tiong Woon was awarded a contract by Takenaka Corporation for lifting and installation works at a refinery project. Takenaka Corporation is a major Japanese general construction company serving the oil and gas and petrochemical sectors.
• JGC CorporationmajorStrategic or Co-development Partner · 7 October 2011Tiong Woon inked a contract with JGC Corporation for lifting and installation works at a refinery project. JGC Corporation is a leading global engineering company.
• Tokuyama MalaysiamajorStrategic or Co-development Partner · 19 July 2011Tiong Woon secured contract for equipment erection works for Tokuyama Malaysia project in Sarawak, supporting petrochemical facility construction.
• ShellmajorStrategic or Co-development Partner · 29 September 2009Tiong Woon sealed deals with Shell for 3 projects for provision of mobile cranes and maintenance works. This represents an ongoing relationship with the energy major across multiple projects.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Sarens: World-leading heavy lifting, engineered transport, and crane rental company. Comparable to Tiong Woon on turnkey heavy lift projects, owned crawler and tower crane fleet, and integrated transport of oversized process modules.
• Mammoet: Global heavy lifting and transport specialist with a large owned fleet of cranes, SPMTs, and engineered transport equipment. Directly competes with Tiong Woon on integrated heavy lift and haulage scopes for oil & gas, petrochemical, and infrastructure projects across Asia-Pacific.
• Wagenborg: Dutch heavy lift, transport, and maritime logistics provider with cranes, SPMTs, and a sizable fleet of vessels. Competes with Tiong Woon in heavy haulage, crane rental, and marine transportation for industrial and energy projects.
• BigLift Shipping: Heavy lift shipping specialist focused on breakbulk and project cargo using owned heavy-lift vessels. Comparable to Tiong Woon's marine transportation and integrated heavy lift and haulage offering for energy and infrastructure projects.

Broad incumbents

• Liebherr: Global manufacturer of crawler, mobile, tower, and offshore cranes, plus heavy haulage equipment. Comparable to Tiong Woon as an industry peer and supplier/customer dynamic — Tiong Woon operates Liebherr-class equipment for its heavy lift fleet.
• Tadano (incl. Demag): Major global crane OEM (including Demag and Grove brands) for crawler, mobile, and all-terrain cranes. Comparable to Tiong Woon as the broader crane industry context and as a fleet supplier for the heavy lift sector.

Regional players

• Vallianz Holdings: Singapore-listed offshore marine services provider transporting heavy equipment and supporting oil & gas field development. Adjacent to Tiong Woon's marine transportation and project work for energy clients in the region.
• KENC Engineering: Singapore-based heavy lifting and offshore engineering company serving oil & gas and infrastructure clients in Southeast Asia. Comparable regional competitor to Tiong Woon's heavy lift and engineering services model in the home market.
• Borneo Oilfield Logistics: Malaysia-based oil & gas logistics and supply base operator with heavy equipment handling. Operates in the same regional upstream logistics ecosystem that Tiong Woon serves through its Borneo/Sarawak projects.
• Sinwa (Sinwa Limited): Singapore-based marine supplies and offshore logistics company with exposure to oil & gas and offshore services. Comparable regional footprint and adjacent service offering to Tiong Woon's marine transportation and logistics subsidiary.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@TiongWoonCorporation
• Facebookfacebook.com/tiongwoonTWC
• LinkedInlinkedin.com/company/tiong-woon-corporation-holding-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tiong Woon