Bumi Armada Buys Four MPSVs from Nam Cheong

Singapore-listed Nam Cheong revealed late Thursday that it has entered into $130 million worth of contracts with Armada Offshore MPSV, the latter a wholly owned subsidiary of Bumi Armada, for the sale of four multi-purpose platform support vessels.

Bumi Armada awarded a letter of intent for the contracts, with an option to build four additional units, to Nam Cheong in June last year.

"We are delighted to have clinched these sale contracts with Bumi Armada. They represent one of Nam Cheong's largest collective wins in our corporate history," Nam Cheong's Executive Director Leong Seng Keet said in a statement.

"Looking ahead, Nam Cheong expects to deliver 19 vessels this year and 25 vessels next year, up from 13 last year. Of the 19 vessels in its shipbuilding program this year, it has already secured firm orders for 13," OCBC Investment Research said in an opinion statement issued Wednesday.

"Outlook for the Malaysian offshore industry remains robust, underpinned by Petronas' planned capital expenditure of $97 million in the 2011/15 period," OCBC Investment Research added.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
john | Mar. 1, 2013
Having a previous relationship with BA , I can actually state that they are a first class organization


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Manufacturing Production Technician I
Expertise: Fabrication|Mechanic|Welding
Location: Carencro
United States Duncan: Entry Level Elect/Mechanical Technician
Expertise: Electrical Technician|Mechanical Technician
Location: Duncan, OK
Operations Foreman
Expertise: Refinery / Plant Operations Supervisor|Refinery / Plant Operator
Location: Cambridge, OH
search for more jobs

Brent Crude Oil : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours