Malaysia’s offshore vessel builder Nam Cheong has secured long-term chartering contracts for three offshore support vessels worth about RM80m ($19m), with an option for extension valued at RM50m ($11.9m).

The three-year chartering contracts are for a platform supply vessel and two anchor handling tug supply vessels, which will be used to service works on floating LNG facilities and other production operations in Malaysian waters until 2022, with an optional extension period running until 2024.

With the additional contracts, the group’s chartering orderbook stands at RM295m.

“With the OSV industry steadily gaining pace, our focus for growth now shifts to our 32- strong fleet as we bolster our chartering operations to capture the gradually recovering market. We are steadily scaling up our capabilities and expertise to better service oil and gas players’ offshore support needs, with an eye on other business opportunities in the offshore marine industry,” said Leong Seng Keat, chief executive officer of Nam Cheong.