Nam Cheong sales up $126 million

Offshore player, Nam Cheong has announced the sale of three more vessels, worth approximately $41 million, to buyers in Europe and Asia
Nam Cheong sales up $126 million

Nam Cheong September sales total has reached $126 million after the offshore marine player managed to secure buyers for three more vessels.

The company sold the three vessels for a total price of $41 million. One 5,150 bhp AHTS vessel was sold to Vega Offshore, in line with the company’s fleet expansion strategy. Another two 6,500 bhp AHTS vessels were bought by repeat customers in Asia and Vroon B.V. in the Netherlands.

The orders follow on from the sale of five vessels to PT Pelayaran Nasional Bina Buana Raya Tbk earlier in September 2014.

Nam Cheong’s CEO  Leong Seng Keat said: “The regional and global OSV industry continues to see good demand for shallow water OSVs, despite some softening of oil prices. As evidenced by the securing of these orders which has helped buoy our order book to a healthy level of approximately RM1.9 billion, we continue to be a beneficiary of the robust growth in the shallow water segment.”

“Looking ahead, we are confident that our core focus on our shipbuilding and chartering businesses will light the path forward while our investments and strategic collaborations with MPML recently will reap rewards for Nam Cheong in years to come. In addition, we will continue to direct our efforts within the shallow water segment of the OSV industry which is more resilient to oil price fluctuations and has largely helped to drive our contract wins.”

All eight vessels are currently being constructed in Nam Cheong’s subcontracted yards in China with delivery scheduled in 2014 and 2015. 

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by Laura Stackhouse

readmt.com Editor

Laura Stackhouse is the Web Editor of readmt.com, an official publication of the International Marine Purchasing Association (IMPA). To discuss news, features or contributing to readmt.com please get in touch.

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