Nam Cheong Bags Contract Wins for Three Offshore Support Vessels

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Singapore-listed Nam Cheong revealed late Thursday that it has secured sale contracts for three offshore support vessels, bringing the total number of vessels sold by the company this year to a record 21 units.

The contracts – worth a total of $56.4 million – includes one unit of platform supply vessel (PSV) and two units of anchor handling towing supply (AHTS) vessels.

The PSV is sold to marine service provider in the Asia Pacific region, while the AHTS are sold to Malaysia's Icon Offshore.

The three vessels are being constructed as Nam Cheong's build-to-stock series in one of the company's sub-contracted yards in China. All of the three vessels are scheduled for delivery by 2Q 2013.

OSK Research's analyst, Lee Yue Jer said Friday that Nam Cheong's recent wins meant that the company has only one vessel left in this year's shipbuilding program for sale; a 12,000 brake horsepower AHTS.

"Nam Cheong is keeping up a very strong order momentum,: Lee said in an opinion statement about the company's contract wins.

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