Nam Cheong clinches $112.1 million in contracts

For four of its built-to-stock vessels.

Global offshore marine player Nam Cheong today announced that it has sold four vessels worth approximately US$90 million or $112.1 million.

In a media release, Nam Cheong reveals that one platform support vessel (PSV) of 5,000 dead weight tonne (“dwt”) equipped with Dynamic Positioning System 2 (“DP2”) was sold to a subsidiary of a repeat customer, Bumi Armada Berhad, a Malaysia-based international offshore oilfield services provider.

The customer had previously purchased four Multi-Purpose Platform Support Vessels in February 2013 which represented one of Nam Cheong’s largest collective wins.

Nam Cheong adds that the sale of a 200-men Accommodation Work Vessel (“AWV”), also equipped with a DP2 System, was made to a joint venture company of the Group, co-owned with Main Board SGX-listed, Marco Polo Marine Ltd (“Marco Polo”) which is an integrated marine logistic group with an established track record in the chartering of OSVs in the region.

Here’s more from Nam Cheong:

In addition, the Group secured a sales order for a 6,000 bhp Anchor Handling Towing Supply (“AHTS”) vessel from a new customer based in Vietnam, an emerging player with a strong reputation in the ship agency services and service broking business.

Separately, a repeat customer based in Malaysia, Time Marine Services Sdn Bhd, with focus on marine vessel services, drilling services and special services also purchased a 5,000 bhp AHTS.