Busy Week for Nam Cheong

Nam Cheong

Building for stock has proven fruitful for Malaysia-based Nam Cheong Limited as the company cashes in approximately USD 90 million via sale of one Platform Support Vessel, one Accommodation Work Vessel, and two Anchor Handling Towing Supply Vessels.

Leong Seng Keat, Nam Cheong’s Chief Executive Officer, said: “We are pleased to see that the strong momentum has continued, with these wins closely following the sale of six vessels in June and July.

This is a clear demonstration of the market’s confidence in our capabilities as an OSV builder. With buoyant prospects in the OSV sector driven by rising rig count and strong utilisation rates, we see a preference for younger and more sophisticated vessels to support modern rigs, leading to increased requirements for larger AHTS.”

Nam Cheong Group has also formed a joint venture company with Marco Polo Marine Ltd., following the sale of Marco Polo Marine Group’s 50% stake in Marco Polo Offshore (IV) Pte. Ltd. to Nam Cheong Group on August 19, 2014.

The joint venture is the buyer of the newly built Accommodation Work Vessel (AWV), constructed by the Nam Cheong Group.

Following the acquisition of the vessel, the company has secured a long-term firmed five-year bare-boat contract with an estimated value in excess of USD 27 million.

The contract value does not include the two-year plus subsequent two-year further extension options subject to mutual agreement between the company and the charterer, which if fully exercised, would result in a contract value of almost USD 50 million.

Press Release; August 19, 2014

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