Nam Cheong Hauls in $43.1 Mln

Nam Cheong Limited, a group specialising in the building of offshore support vessels (OSVs), has sold another two vessels worth approx. $43.1 million, making it a record sale of seven vessels within the first three months of this year.

With these latest contracts, Nam Cheong’s order book has hit $428 million mark.

One anchor handling towing supply (AHTS) vessel was sold to an emerging player in the oil and gas sector, a subsidiary of a new customer, Kayfour Development Corporation Sdn Bhd, which will be operating the vessel via its subsidiary, Multi Marine Venture Sdn Bhd.

Sale of one platform supply vessel (PSV) was made to a repeat customer in West Africa, E.A. Temile and Sons Development Company of Nigeria Limited, an established engineering and construction company. In October 2012, Nam Cheong sold a similar PSV measuring at 5,000 dead weight tonne (dwt) to the same customer.

Both vessels sold are being constructed as part of the Group’s build-to-stock series in China. The vessels are slated for delivery in 2014.

[mappress]
namcheong, March 31, 2014