Nam Cheong Sells 4 PSVs Worth $120M

Malaysia's Nam Cheong Limited (Nam Cheong, or together with its subsidiaries, the Group), an offshore marine player listed on the Main Board of the Singapore Exchange Securities Trading Limited (the SGX) and Malaysia’s largest Offshore Support Vessel (OSV) builder, announced Monday that it has sold four Platform Supply Vessels (PSVs) worth a total of approximately $120 million (approximately SGD 150 million). The customer is new to Nam Cheong and is an emerging offshore marine services company based in Latin America.

Leong Seng Keat, Nam Cheong’s CEO said, “We are delighted to have secured one of our largest contracts for the year to bring our cumulative order book to $521.4 million (MYR 1.7 billion). These four vessels bring our total sales for the year to 20, which is close to surpassing our record of 21 vessels sold last year.”

“The global oil and gas industry remains robust amid growing demand for energy. With global exploration and production spending expected to reach a record $678 billion by 2013, we expect OSV demand to continue growing. This brings us on track to overtaking last year’s sales record.”

The four vessels are being constructed as part of the Group’s build-to-stock series in its subcontracted yard in China. They are scheduled for delivery in 2014 and are expected to contribute positively to the Group’s earnings for the financial years ending Dec. 31, 2013 and Dec. 31, 2014.

Each of the four 3,200-dead weight ton Det Norske Vertias-class PSVs is 258.2 feet (78.7 meters) long and is equipped with diesel electric propulsion and dynamic positioning system class 2.

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