Nam Cheong Sells Six Offshore Vessels (Malaysia)

Nam Cheong Sells Six Offshore Vessel

Malaysia’s largest Offshore Support Vessel builder Nam Cheong Limited has secured sale contracts with a total value worth USD 72.1 million for two units of Anchor Handling Towing Supply (“AHTS”) vessels and four units of Emergency Response and Rescue Vessels (“ERRVs”).

The two AHTS vessels were sold to subsidiaries of Icon Offshore Berhad (“Icon Offshore”), one of Malaysia’s largest Offshore Support Vessel groups with a portfolio of 32 vessels providing various logistic, oil and gas services in Southeast Asia and the Middle East. These vessels will be deployed in Malaysian waters. The AHTS vessels are being constructed as part of the Group’s build-to-stock series.

The four ERRVs will be sold to a Singapore-based company that provides ship management and chartering services. The ERRVs will be deployed in the North Sea, and constructed under Nam Cheong’s build-to-order model.

The six vessels are all of American Bureau of Shipping (ABS) class and will be built in one of Nam Cheong’s subcontracted yards in China. They are scheduled for delivery between the second quarter of 2013 and the fourth quarter of 2014.

Leong Seng Keat, Nam Cheong’s Executive Director said: “In just the first three months of this year, we have seen robust sales indicative of strong industry momentum in the region and globally. With the contract win, Nam Cheong’s order book to date stands at RM1.3 billion.”

“Orders from existing customers are a demonstration of their satisfaction in our products and services, and their confidence in us to deliver again. We look forward to continuing our working relationships with them as partners, riding on this industry boom.”

 

[mappress]
 March 27, 2013