Viking Offshore and Marine Limited was previously known as Novena Holdings Limited which invested in the home furniture business, retail of beauty products, as well as the distribution and wholesaling of fast moving consumer goods (FMCG) since the company became listed in 2000. Novena Holdings was founded by Dr Toh Soon Huat, who was deeply involved with the operations and instrumental to the growth of the Company. On 15 June 2009, Mr. Andy Lim took over the helm as a substantial shareholder and the Executive Director and Chairman of the Company.
In a first step of 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 heating, ventilation, air-conditioning and refridgeration systems (HVAC&R) solutions provider, offering design, engineering, manufacturing, project management and commissioning of HVAC&R systems for the marine and offshore industries in the People's Republic of China (PRC) and South-East Asia.
The company became well-placed to ride on the robust long-term demand from the offshore and marine industry. Through this acquisition, the company had inherited an excellent track record with over 300 projects performed in the last three years to 2009. 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.
Following the completion of the acquisition of the Viking Airtech Group on 12 January 2010, the business of the Company has been primarily focused on the design, manufacture and supply of HVAC&R systems for the offshore and marine industries. The company proposed to shareholders' the change in name to Viking Offshore and Marine Limited as the "Viking" brand is recognised by the players in the offshore and marine industry in Singapore and the PRC, and customers of the Viking Airtech Group identify with this brand, and the proposed name better defined the primary business that the Company is engaged in. On 12 February 2010, the company had shareholders' approval for name change of the company to Viking Offshore and Marine Limited.
The Company will now focus on building a new core business in the offshore and marine sector, and work towards penetrating new markets overseas and exploring strategic options to grow the Company via synergetic merger and acquisitions.