Nam Cheong sells five offshore vessels
Nam Cheong Limited, a n Offshore Support Vessel builder, today announced that it has sold five vessels worth a total of US$110 million, said in the company's press release.
One 12,000 brake horsepower (“bhp”) Anchor Handling Towing Supply (“AHTS”) vessel was sold to a new customer, an emerging offshore marine services company based in Indonesia that owns and operates a diverse range of vessels. It is expected to be deployed in the Southeast Asian region.
Four Platform Supply Vessels (“PSVs”) were sold to an existing customer, a leading oilfield services company based in Asia.
Mr Leong Seng Keat, Nam Cheong’s Executive Director said: “Securing the sale of these five vessels is another indication of the strong industry momentum sweeping the offshore marine sector in the region and globally. Since the start of the year, we have sold a total of 13 vessels. In March, we sold two 5,150 bhp AHTS vessels and four Emergency Response and Rescue Vessels. This was followed closely in April by the sale of two Accommodation Work Barges. The variety of vessels sold also demonstrates Nam Cheong’s versatility and flexibility in meeting and adapting to our customers’ demands.
“We are also glad to be securing a new customer in Indonesia and expanding our customer base. The country is expected to lead the region on offshore oil and gas expenditure, so we are optimistic about exciting prospects developing on the Indonesian front. As a testament to our long-standing relationship with our existing customer based in Asia, we are also pleased to be supplying them with the four PSVs.”
The five vessels are all of American Bureau of Shipping (ABS) class and are being constructed as part of the Group’s build-to-stock series in two of its subcontracted yards in China. They are scheduled for delivery between the second quarter of 2013 and the first quarter of 2014.
Nam Cheong’s order book reaches RM1.7 billion with this latest win.