Founder of offshore oil and gas contractor Dyna-Mac dies at 61

Mr Desmond Lim Tze Jong, who founded Dyna-Mac in 1990, was CEO and executive chairman.
Mr Desmond Lim Tze Jong, who founded Dyna-Mac in 1990, was CEO and executive chairman.

Mainboard-listed Dyna-Mac Holdings announced yesterday the death of its executive chairman and chief executive officer Desmond Lim Tze Jong last Saturday.

A spokesman for the offshore oil and gas contractor said Mr Lim, 61, died of cardiac failure.

According to the firm's website, Mr Lim founded Dyna-Mac in 1990, and was appointed to the board as an executive and non-independent director in June 2003. As of March 13, he was Dyna-Mac's largest shareholder, with a stake of about 41 per cent, figures from its latest annual report show.

Singapore investment firm Temasek owned about 25 per cent of the company, followed by Keppel Corporation with a 24 per cent stake.

"The directors, management and staff of the group would like to extend their deepest condolences to the family of the late Mr Lim," the company said in a regulatory filing.

"We are indeed grateful for Mr Lim's dedication and invaluable contributions over the years, which have brought the company from its initial business of construction of piping systems and steel structures to its present business of providing engineering, procurement and construction of topside modules for offshore projects, as well as pre-assembled unit and pre-assembled pipe rack for land-based projects, in the oil and gas industries."

The firm said the management has stepped up to undertake Mr Lim's key executive functions.

It comprises Mr Lim Tjew Yok, executive director and chief operating officer; Ms Joyce Tiong Sai Lan, chief financial officer; Mr Simon Teo Boon Hwee, chief marketing officer; Mr Satish Malik, chief development officer; Ms Chong Swee Lee, senior vice-president of human resources, administration and group payroll; and Mr Ian Chin Woon Kwong, vice-president of commercial.

Dyna-Mac said it would update shareholders "in due course", with regard to the appointment of a new chairman and CEO.

A version of this article appeared in the print edition of The Straits Times on October 30, 2019, with the headline 'Founder of offshore oil and gas contractor Dyna-Mac dies at 61'. Print Edition | Subscribe