Nam Cheong Ltd, a leading Malaysian-based global Offshore Support Vessel (OSV) shipbuilder, has announced that its wholly-owned subsidiary Nam Cheong International Ltd, has secured new contracts worth S$46 million.
The contracts are for the construction and sale of three units of Anchor Handling Towing Supply vessels (AHTS) that are currently being built for stock.
Nam Cheong was listed on the Singapore Stock Exchange on May 27 this year through a reverse takeover of Eagle Brand Holdings Ltd.
The three contracts - one for each of these 5,150 bhp AHTS vessels - have been secured with a new Singapore customer, Sentinel Marine Pte Ltd, a Singapore-incorporated company that provides ship management and chartering services.
Nam Cheong Executive Director Leong Seng Keat said despite market concerns of an oversupply of smaller offshore support vessels, the company continues to see demand for AHTS.
With the latest contracts, Nam Cheong's order book has increased to 11 vessels, with a total contract value of RM644 million (S$261 million).
Of these, six vessels are scheduled for delivery in the second half of this year and five in 2012.
These ABS Class AHTS vessels are currently being built as part of a series in one of the three PRC yards contracted by Nam Cheong.
The contracts are expected to contribute positively to the earnings of the Group for the financial years ending 2011 and 2012.
Nam Cheong was established in 1968, building only fishing vessels. The Group today owns and operates one of the largest shipbuilding yards for offshore support vessels in Malaysia.
The contracts are for the construction and sale of three units of Anchor Handling Towing Supply vessels (AHTS) that are currently being built for stock.
Nam Cheong was listed on the Singapore Stock Exchange on May 27 this year through a reverse takeover of Eagle Brand Holdings Ltd.
The three contracts - one for each of these 5,150 bhp AHTS vessels - have been secured with a new Singapore customer, Sentinel Marine Pte Ltd, a Singapore-incorporated company that provides ship management and chartering services.
Nam Cheong Executive Director Leong Seng Keat said despite market concerns of an oversupply of smaller offshore support vessels, the company continues to see demand for AHTS.
With the latest contracts, Nam Cheong's order book has increased to 11 vessels, with a total contract value of RM644 million (S$261 million).
Of these, six vessels are scheduled for delivery in the second half of this year and five in 2012.
These ABS Class AHTS vessels are currently being built as part of a series in one of the three PRC yards contracted by Nam Cheong.
The contracts are expected to contribute positively to the earnings of the Group for the financial years ending 2011 and 2012.
Nam Cheong was established in 1968, building only fishing vessels. The Group today owns and operates one of the largest shipbuilding yards for offshore support vessels in Malaysia.