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 January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Imabari to Build 20,000TEU Containerships

Imabari Shipbuilding Co., Ltd. announced it has secured newbuild orders with the cooperation of Marubeni Corporation for 11 units of 20,000TEU Ultra-Large Container Carriers,

SSI Launches ShipConstructor 2015 R2.1

SSI has today released ShipConstructor 2015 R2.1 software.   The software release comes in response to emerging ship design, engineering and building trends as

HII Acquires Engineering Solutions Division

Huntington Ingalls Industries (HII) has acquired the Engineering Solutions Division of The Columbia Group, a designer and builder of unmanned underwater vehicles

Offshore

Sjo Resigns from Polarcus Board of Directors

Polarcus Limited announced that Hege Sjo will resign from its board of directors effective February 2, 2015.   Sjo has accepted an appointment as Deputy Director

BOEM Issues Supplemental Environmental Impact Statement

The U.S. Department of the Interior, Bureau of Ocean Energy Management (BOEM), announces the availability of the Draft Supplemental Environmental Impact Statement

Europe's Offshore Wind Capacity Growing

New capacity edges down 5 pct from record 2013; industry body forecasts stable growth over 2015/6. Europe's offshore wind capacity kept up a steady rate of growth

Finance

Shippers Must Monitor Greek Government Changes

Moore Stephens says shipping must monitor developments in wake of Greek government change   International accountant and shipping adviser Moore Stephens says

Chevron Scraps 2015 Share Repurchase Program

Chevron Corp halted its 2015 share repurchase program on Friday, a move to conserve cash amid tumbling oil prices.   The company's shares extended loses on the news,

Marquette Transportation Reportedly for Sale

Marquette Transportation Company LLC, a U.S. towboat operator, is exploring a sale that could value it at more than $1 billion and has attracted the interest of

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair 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: 0.5993 sec (2 req/sec)