Nam Cheong Limited has secured multi-year offshore support vessel (OSV) charter contracts worth RM317.1 million ($94.52 million) according to a release dated Apr 16, The Edge Singapore reported.
The charter agreements include seven units of Anchor Handling Tug Supply (AHTS) vessels, which will be deployed in Malaysia and Thailand waters.
These vessels are multi-role workhorses in offshore operations, capable of handling heavy-duty towing and anchoring, while also providing logistical support and emergency response services, Nam Cheong says.
The group now has 21 vessels under long-term charter, representing about 56.8% of its total fleet. Nam Cheong says that this is in line with its target to increase the proportion of vessels under long-term contracts to 70%.
Shares in Nam Cheong closed 1.5 cents higher or 2.857% up at 54 cents on Apr 16.