Nam Cheong nets $90m from sale of four vessels

Singapore: Malaysian offshore shipbuilding Nam Cheong announced today that it has sold four vessels worth around $90m.
The sales consist of a 5,000dwt PSV to Malaysian offshore operator Bumi Armada, a 200-man accommodation work vessel to Nam Cheong’s new jv with Singapore’s Marco Polo, a 6,000 bhp AHTS vessel to a new customer in Vietnam, and a 5,000bhp AHTS vessel to Time Marine Services in Malaysia.
Leong Seng Keat, Nam Cheong’s ceo said: “We are pleased to see that the strong momentum has continued, with these wins closely following the sale of six vessels in June and July. This is a clear demonstration of the market’s confidence in our capabilities as an OSV builder. With buoyant prospects in the OSV sector driven by rising rig count and strong utilisation rates, we see a preference for younger and more sophisticated vessels to support modern rigs, leading to increased requirements for larger AHTS. With the securing of these four sales contracts, this has boosted Nam Cheong’s order book to a total of 29 vessels worth approximately RM2.0 billion.”

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