Nam Cheong clinched a $45.13m contract to sell four offshore support vessels and posted a 32.5% year-on-year drop in third quarter net profit, Seatrade Asia online reports.
The four anchor handling towing supply (AHTS) vessels are being built as part of Nam Cheong's build-to-stock series in subcontracted shipyards in China. Three of the AHTS vessels have been sold to two repeat customers, while a fourth vessel has been sold to a new Indonesia-based customer.
In the three months ended 30 September 2012, Singapore-listed Nam Cheong reported a net profit of MYR31.6m ($10.3m) compared to MYR46.8m in the previous corresponding quarter as a result of a 44% fall in revenue to MYR141.9m during the quarter. This was mainly due to the timing of the percentage of revenue recognition on vessels sold.
Leong Seng Keat, executive director of Nam Cheong, expects to see demand for new businesses relating to top side maintenance, hook up and commissioning of existing oil platforms within the Malay basin in the shallow water region.
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