KUALA LUMPUR (April 22): TAS Offshore Bhd (KL:TAS) announced that deputy managing director Lau Choo Chin will succeed his father, Datuk Lau Nai Hoh, as managing director following the latter’s resignation effective April 30 due to health reasons.

Nai Hoh, 75, is the founder of TAS Group and has served as group managing director since March 18, 2008, according to a bourse filing. He remains the company’s largest shareholder with a 31.68% direct stake, though he recently transferred a 5.03% interest to his daughter, Lau Siew Ling.

Choo Chin brings over 28 years of experience in shipbuilding and project management, with particular expertise in the oil and gas sector. He is currently an executive committee member of the Association of Marine Industries of Malaysia.

Choo Chin holds a 7.84% direct stake in TAS Offshore, while his young brother Lau Choo Kuang — who serves as executive director — owns 7.62%.

In a separate filing, TAS Offshore reported a sharp improvement in earnings for the third quarter ended May 31, 2026 (3QFY2026), with net profit surging to RM2.95 million from RM205,000 a year earlier. Quarterly revenue rose 22.7% to RM24.14 million from RM19.67 million, driven by higher vessel deliveries.

For the nine-month period, net profit climbed 24.6% to RM19.41 million from RM15.58 million, while revenue increased 8.3% to RM128.31 million from RM118.49 million.

Looking ahead, the group said Indonesia remains its primary market and cornerstone of performance, with tugboat demand buoyed by a booming mining sector, expanding maritime trade, port developments, and ongoing fleet renewals.

TAS Offshore noted that the Asia-Pacific tugboat market is projected to grow at a compound annual growth rate of 6.74% between 2026 and 2032, positioning the company to capture regional demand through its established client base, specialised expertise, and solid order book.

Shares in TAS Offshore closed unchanged at 45.5 sen on Wednesday, valuing the group at RM81.9 million. The stock has fallen 32.1% over the past year.