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Nam Cheong Awarded $70m Five Vessels Contract

Source: 1/28/2014, Location: Asia

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, has sold four Emergency Response and Rescue Vessels ("ERRV") and one Anchor Handling Towing Supply Vessel ("AHTS") for close to US$70 million (approximately S$89.4 million) to existing repeat customer, Sentinel Marine.

Mr. Leong Seng Keat, Nam Cheong’s Chief Executive Officer said, "We are very pleased to have made a strong start in the new year, soon after reporting a record high of 24 vessel sales last month. We are also encouraged by this repeat business which shows a strong vote of confidence in the quality of our vessels. We will continue to tap on our strong working relationships with existing customers, many of whom are established players globally, as we ride the industry uptick together."

A year ago, Nam Cheong sold four 3,755 bhp ERRV to Sentinel Marine, an emerging Aberdeen-based company which owns and operates OSVs. Added Mr Leong, "Our cumulative order book stands at a healthy level of RM1.5 billion, a good reflection of the upbeat offshore support vessel segment. This in turn is buoyed by the strong market for rigs, underpinned by a sustained high oil price environment. We are confident that shallow and mid-water regions will continue to see a pickup in demand for OSVs, especially for small-to-mid-sized AHTSs, as well as mid-sized PSVs. With global E&P spending expected to see another recordsetting year in 2014, we are optimistic of an exciting year ahead."

The four ERRVs are being constructed under Nam Cheong’s build-to-order model, whereas the AHTS vessel is being constructed as part of the Group’s build-to-stock series. All five vessels are being constructed in its subcontracted yards in China.

They are scheduled for delivery in 2015/16 and are expected to contribute positively to the Group’s earnings for the financial years ending 31 December 2014 to 31 December 2016.

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