Nam Cheong Celebrates Vessel Sales Record

Nam Cheong Limited, today announced that the Group has set a new record high in vessel sales with its latest contract wins of four vessels.

The Group sold three Anchor Handling Towing Supply Vessels  to its jointly controlled entity, PT Bahtera Niaga Indonesia (“BNI”) and one Maintenance / Work Vessel to a subsidiary of a repeat customer, Icon Offshore Berhad for approximately US$66.0 million

Leong Seng Keat , Nam Cheong’s Chief Executive Officer said, “We are pleased that with these latest wins, our vessel sales is now at a record high of 24, surpassing last year’s high of 21 vessels.”

“Our cumulative order book now stands at a healthy level of RM1.5 billion. With global E&P spending expected to see another record-setting year in 2014, rising about 6% to hit US$723 billion, led by robust activities in the Middle East, Latin America and Russia3 , we are optimistic of an exciting 2014 ahead.”

All four vessels are being constructed as part of the Group’s build-to-stock series in its subcontracted yards in China. They are scheduled for delivery in 2014 and are expected to contribute positively to the Group’s earnings for the financial years ending 31 December 2013 and 31 December 2014.

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December 30, 2013