Nam Cheong Sells PSV & Two AHTS

Press Release
Wednesday, January 02, 2013

Nam Cheong, Malaysia’s largest Offshore Support Vessel (OSV) builder, ends year with record number of sales.

Sales of the Platform Support Vessel (PSV) and the two Anchor Handling Towing Supply Vessels (AHTS) are worth a total of US$  56.4-million, bringing the total number of vessels sold this year to 21.

The PSV and AHTS vessels are being constructed as part of Nam Cheong's build-to-stock series in one of its subcontracted yards in China.

The 5,000 dead weight tonne PSV has been sold to a new customer, one of the major marine services providers to the offshore oil and gas industry in the Asia Pacific region.

The two 5,150 brake horsepower AHTS vessels have been sold to Icon Offshore Berhad (“Icon Offshore”), which is one of Malaysia’s largest OSV groups. Icon Offshore has a portfolio of approximately 30 vessels providing various logistic, oil and gas services in Asia Pacific. This would be the second and third AHTS vessels that Icon Offshore has purchased from Nam Cheong.

With these sales, past years’ numbers are surpassed to register an all-time record high for annual vessel sales in the Group’s corporate history. Datuk Tiong Su Kouk, Nam Cheong’s Executive Chairman and CEO, said: “We are pleased to end the year on a high note, riding on industry momentum that has helped us win a slew of contracts for 2012. Again, our ability to capture demand and secure wins in a booming offshore and marine market, both domestically and globally, is a testament to our competitive strengths and unique business model.

All three vessels are scheduled for delivery by the second quarter of 2013. This latest slew of contracts brings Nam Cheong’s order book to RM1.45 billion to date, and is expected to contribute positively to the Group’s earnings for the financial years ending 2012 and 2013.

Nam Cheong is the largest shipbuilder of OSVs in Malaysia and with nearly 7% of the regional market share, makes the Group the second largest player east of the Suez Canal.

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Damen Outfitting First of Nine Bahamas Patrol Boats

The first of nine Damen Stan Patrol 3007s ordered by the Royal Bahamas Defense Force has arrived at Damen Shipyards Gorinchem in the Netherlands for outfitting.

Liquefaction Terminals to Dominate LNG Capital Expenditure

Capital expenditure (Capex) on global LNG facilities is expected to total $259 billion (bn) over the period 2015-2019, with investments expected to be 88% larger

New Chinese Shipyard Launches First Ship

The new shipyard facility of Honghua Offshore Oil & Gas Equipment Company in Jiangsu, China, has launched its first ship, an IMT982 Platform Supply Vessel. The vessel,

Offshore

DNV GL Targets Safer Approach to Subsea Lifting

The completion of a joint industry project (JIP) to improve existing standards and regulations around subsea lifting operations has resulted in a new recommended practice (RP).

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Boskalis, VolkerWessels Win Offshore Wind Farm Work

Royal Boskalis Westminster N.V., in partnership with Volker Stevin International (VolkerWessels), has been awarded a contract by Iberdrola Renewables Offshore Deutschland

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2747 sec (4 req/sec)