Malaysia: Nam Cheong Inks USD 70.5 Mln Contract for Two PSVs

Nam Cheong International Ltd., a wholly – owned subsidiary of Nam Cheong, has secured sale contracts with a total value worth USD70.5 million for two units of Platform Supply Vessels (PSVs) and one unit of Accommodation Work Barge (AWB) .

One of the two Platform Supply Vessels was sold to an existing customer, a leading oilfield services company based in Asia. In mid-May this year, this same customer bought four PSVs from Nam Cheong. The second PSV was sold to a subsidiary of a new customer in Cyprus, EDT Offshore, a well-established offshore marine services company which owns and operates a diverse range of high specification OSVs.

The Accommodation Work Barge was sold to a subsidiary of Perdana Petroleum Berhad (Perdana), an established, major offshore marine services provider for the oil and gas industry in Malaysia and the Southeast Asian region. Earlier in April this year, two AWBs with similar specifications were sold to the same subsidiary of Perdana.

The three vessels 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 first and fourth quarters of 2014, and are expected to contribute positively to the Group’s earnings for the financial years ending 2013 and 2014.

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Nam Cheong International, July 23, 2013