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

Shipbuilding

Kvichak, Vigor Announce Merger

Merger positions combined company to play a dominant role in recapitalization of North Pacific fishing fleet and emerging Arctic oil gas operations. Kvichak

Shipping Contributes $164bln to EU

The European Community Shipowners' Associations has released the results of a recent update of an Oxford Economics study on the economic value of the EU shipping

UAE Shipping Delegation to Meet with Greek Counterparts

A delegation of Middle East maritime heavyweights including H.E. Khamis Juma Buamim, chairman & group CEO Drydocks World and Maritime World and Rashid Mohammed Al Habsi,

Offshore

Seadrill: Rig Rates Have Not Bottomed

The market for oil and gas drilling rigs continues to deteriorate as oil companies cut back on investments, Seadrill Chief Financial Officer Rune Magnus Lundetrae

‘Blue Queen’ on First Mission

The platform supply vessel 'Blue Queen', an ULSTEIN PX121 design, was named at Ulstein Verft on Friday 27 February. The ship will be working in the spot market.

Fiji Maritime Academy Bullish on Prospects

The Fiji Maritime Academy (FMA) is on the right track to become one of the finest maritime training institutions in the region. It has also achieved an important

Finance

Seadrill: Rig Rates Have Not Bottomed

The market for oil and gas drilling rigs continues to deteriorate as oil companies cut back on investments, Seadrill Chief Financial Officer Rune Magnus Lundetrae

Kvichak, Vigor Announce Merger

Merger positions combined company to play a dominant role in recapitalization of North Pacific fishing fleet and emerging Arctic oil gas operations. Kvichak

Shipping Contributes $164bln to EU

The European Community Shipowners' Associations has released the results of a recent update of an Oxford Economics study on the economic value of the EU shipping

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pipelines Port Authority Ship Electronics Ship Repair 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: 0.1505 sec (7 req/sec)