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.

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