Nam Cheong clinches new deals for six offshore vessels

Offshore vessel owner Nam Cheong has won new contracts for its vessels with a total value of RM116.4 million ($27.7 million). 

Nam Cheong said on Tuesday that it had clinched chartering contracts for six OSVs with foreign oil majors worth RM116.4 million, including options to extend.

The six chartering contracts are for two accommodation work barges (AWB), three anchor handling tug supply (AHTS) vessels, and one platform supply vessel (PSV). The vessels will be mainly operated in East Malaysia waters to support the drilling activities of foreign oil majors, Nam Cheong said.

With the new order wins, Nam Cheong’s total order book stands at RM318.2 million ($75.7M), after including revenues from options for extension.

Leong Seng Keat, Chief Executive Officer of Nam Cheong, said: “The sizable new order wins are a good start for the year, adding more stability and visibility to our revenue and order book going forward. While we remain vigilant on the market outlook, we will continue to capitalize on our capabilities and reputation in vessel chartering business and diversify into Engineering, Procurement, Construction, Installation and Commissioning projects to capture more opportunities during the industry upturn.”

Also this week, Nam Cheong named Chong Chung Fen as a new chief financial officer of the company.

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