Nam Cheong clinches long-term deals for three offshore support vessels

Malaysia’s offshore support vessel provider Nam Cheong has clinched long-term charter contracts for three OSVs with Malaysian oil majors. 

The company said on Wednesday that the long-term contracts are worth approximately RM 80 million ($19.05M), with an option for extension valued at RM 50 million ($11.9M).

According to the vessel owner, the three vessels – one platform supplier and two anchor handlers – will be used to service works on floating LNG facilities and other production operations in Malaysian waters until 2022, with optional extension period running until 2024.

With the additional contracts, the group’s chartering orderbook will grow to RM 295 million, including option for extension of RM 140 million.

Commenting on the new contract wins, Leong Seng Keat, Chief Executive Officer of Nam Cheong said, “Through years of unceasingly delivering performance, we have nurtured working relations that have withstood volatilities in the industry and solidified our expertise to build relations with new clients.

“With the OSV industry steadily gaining pace, our focus for growth now shifts to our 32-strong fleet as we bolster our chartering operations to capture the gradually recovering market. We are steadily scaling up our capabilities and expertise to better service oil and gas players’ offshore support needs, with an eye on other business opportunities in the offshore marine industry.”

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