Kuala Lumpur: Singapore-listed offshore player Nam Cheong’s hard work in 2012 has paid off. Almost a permanent fixture at SeaShip News in the past months with its vast amount of activity, Malaysia’s largest OSV has announced net profit for 2012 almost doubled to RM49.3m, whole sales soared 172% to RM279.2m.
The company has a strong orderbook of RM1.3bn as of December 31, 2012, comprising vessels for delivery stretching into 2015.
Nam Cheong has proposed a first and final dividend of 0.5 Singapore cents. Datuk Tiong Su Kouk, executive chairman and ceo of Nam Cheong, said: “The fourth quarter of last year saw strong vessel sales, which topped off a very robust year for Nam Cheong. We sold a record-breaking 21 vessels in 2012.”
Leong Seng Keat, Nam Cheong’s executive director, said: “Our group has benefited from the worldwide increase in activities by oil majors, as evident by the uptick in order wins that the group experienced in 2012, especially from the booming oil markets in Brazil and West Africa. Going forward we believe that such investments will continue to bode well for us, as we continue to see a demand for AHTS vessels, PSVs and other offshore vessels, especially in the shallow water region. The demand for small size AHTS vessels remains strong as offshore service providers replace older vessels with new and higher specification vessels.” [26/02/13]
