Nam Cheong Limited and its subsidiaries said they have terminated a charter contract for one of the Group’s offshore support vessels with “an offshore wind farm contractor in Japan” after the Charterer’s downstream contract with its end-user was cancelled, rendering the Charterer unable to fulfil its obligations.
The Group, which had announced on 27 June 2025 that it had secured the charter, issued a notice of termination to the Charterer on 3 September 2025 “following the Charterer’s continued non-performance,” formally ending the “Charter Contract.”
While the contract did not progress to operational deployment, the Charterer “remains liable for certain contractual payments.”
The Board said it considers “the termination of the Charter Contract, which form majority of the charter contracts value indicated in the Announcement, to be an unfortunate development,” and added that the Group is “actively exploring alternative deployment and chartering opportunities” for the vessel to mitigate financial impact and optimise asset use.
Nam Cheong Limited is a company incorporated in Bermuda.