Nam Cheong Sells Four

Malaysian offshore marine player Nam Cheong Limited has disclosed the sale of another four vessels worth approximately $92 million.

Nam Cheong Sells Four
Nam Cheong’s 3,000 dwt PSV

Three platform supply vessels (PSV) with 3,000 dwt each, equipped with Dynamic Positioning System 2 (DP2), have been sold to an oilfield services company based in Asia.

The sale of a 200-men accommodation work boat, also equipped with DP2, was made to a subsidiary of a new customer, Maridive And Oil Services S.A.E based in North Africa, an offshore marine and oil support services company in the Middle East and North Africa region.

Mr. Leong Seng Keat, Nam Cheong’s Chief Executive Officer, said: “These four orders, on the back of the contract for two accommodation work barges last week, speak volumes of the growing confidence in Nam Cheong’s reputation and expertise within the region and beyond as well as the strength of the upbeat sentiments from the continued momentum of rising E&P activities around the world.

We are excited about the increasing interest from customers in the oil-rich Africa and Asia regions.”

The four vessels are all of American Bureau of Shipping (ABS) class and are being constructed as part of Nam Cheong’s built-to-stock series in the company’s subcontracted yards in China.

They are scheduled for delivery between 2014 and 2015.

[mappress]

Press Release; July 1, 2014

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