Nam Cheong Secures LOI, Worth $186M, for 12 Newbuild AHTS Vessels

Nam Cheong Limited (Nam Cheong, or together with its subsidiaries, the Group), a leading global 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 Friday that it has launched a new Anchor Handling Tug Supply (AHTS) vessel, the NCA80E. The vessel is a 212.5 foot (64.8 meter) diesel electric powered AHTS with 80 tons bollard pull and is based on Nam Cheong’s proprietary design.

Nam Cheong’s Executive Chairman, Tiong Su Kouk said: “The launching of the NCA80E vessel is a major milestone for the Group as it is based on Nam Cheong’s proprietary design and is also our first vessel launch in Singapore. Customers are increasingly demanding for such sophisticated OSVs and we received strong interest from customers worldwide for such a vessel that is versatile to be deployed in waters globally. Backed by our deep expertise in engineering and cutting-edge technology required to design and build such vessels, we are confident in powering ahead in the industry and are excited by the prospects.”

Nam Cheong has secured Letters Of Intent (LOI) from five customers worth approximately $186 million, with a mix of sale and charter of 12 NCA80E vessels. The Group has also secured options for the sale of eight additional NCA80E vessels. The five customers are Bumi Armada Berhad (Bumi Armada), Geooffshore Pte Ltd (Geooffshore), Opstad Group (Opstad), Sofield Marine & Offshore Sdn Bhd (Sofield) as well as Vega Offshore Group (Vega Offshore). The potential sale of the 20 vessels through the LOIs and options represent a 100 percent take-up rate of the 20 vessels planned for delivery.

Vessel Details

The NCA80E vessel boasts an energy efficient design from the efficient hull lines and is equipped with selected electric drives which lead to lower fuel consumption without a loss in power to the electric drives due to the vessel design’s exploitation of newer technologies. In addition, the vessel features a simplified design and is “Asianized” to allow for an efficient building process to reduce delivery time and yet, is flexible enough in its capabilities to be deployed in multiple roles.

The vessel is also backed by enhanced performance of high speed and high bollard pull with a number of key features such as medium speed controllable pitch thrusters that provide better response and operational flexibility, flexibility in cargo configurations as well as low pressure system anchor handling or towing winches which have been proven to be of greater robustness and reliability.

Leong Seng Keat, Nam Cheong’s CEO said: “As a global OSV builder, we aspire to construct vessels which are of sophisticated quality that will serve as the industry’s gold standard. We believe in continuing to forge our R&D capabilities and in keeping our ears close to the ground to understand what our customers’ requirements are. These efforts have been a bright guiding light towards Nam Cheong’s success today.

“In developing the design of the NCA80E vessel, Nam Cheong’s engineers have integrated specifications and features highly demanded by customers to arrive at an elegant vessel design that suits their requirements of a high performance vessel that is also cost efficient.”


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