Malaysia: Nam Cheong Signs USD 130 Mln Contract with Bumi Armada

Nam Cheong Limited, SGX Main Board-listed leading global offshore marine player and Malaysia’s largest Offshore Support Vessel (OSV) builder, today reported that it has entered into US$130 million worth of contracts with Armada Offshore MPSV Limited, a wholly-owned subsidiary of Bumi Armada Berhad (Bumi Armada) for the sale of four Multi-Purpose Platform Support Vessels (MPSVs).

Bumi Armada, a Malaysia-based international offshore oilfield services company, had awarded a Letter of Intent for the contracts, with an option to build four additional units, to Nam Cheong on June 20, 2012.

Mr Leong Seng Keat, Nam Cheong’s Executive Director, said: “We are delighted to have clinched these sale contracts with Bumi Armada. They represent one of Nam Cheong’s largest collective wins in our corporate history, thereby marking a significant milestone for us. Our philosophy of treating our customers as partners, catering to their needs and delivering quality vessels to them on time has always been the key to establishing long-term relationships with our customers. We are heartened by repeat orders from one of our long-time, blue-chip customers of more than 20 years.”

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Nam Cheong, February 28, 2013