Sentinel Orders Five Vessels From Nam Cheong, Malaysia

Malaysia’s Nam Cheong Limite has secured sale contracts with a total value worth close to US$70 million for four Emergency Response and Rescue Vessels (“ERRVs”) and one Anchor Handling Towing Supply Vessel (“AHTS”).

The ERRVs and AHTS were all sold to an existing repeat customer, Sentinel Marine, an emerging Aberdeen-based company which owns and operates OSVs. A year ago, Nam Cheong has sold four 3,755 bhp ERRVs to Sentinel Marine.

 Leong Seng Keat , Nam Cheong’s Chief Executive Officer said, “We are very pleased to have made a strong start in the new year, soon after reporting a record high of 24 vessel sales last month. We are also encouraged by this repeat business which shows a strong vote of confidence in the quality of our vessels. We will continue to tap on our strong working relationships with existing customers, many of whom are established players globally, as we ride the industry uptick together.”  

With the Contracts, Nam Cheong’s order book stands at approximately RM1.5 billion (around $450 million)

The four ERRVs are being constructed under Nam Cheong’s build-to-order model, whereas the AHTS vessel is being constructed as part of the Group’s build-to-stock series. All five vessels are being constructed in its subcontracted yards in China.

The vessels are scheduled for delivery in 2015/16 and are expected to contribute positively to the Group’s earnings for the financial years ending 31 December 2014 to 31 December 2016.