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Nam Cheong sells two OSVs for $58m

Nam Cheong sells two OSVs for $58m
Malaysia’s OSV builder Nam Cheong has secured an order to sell two offshore vessels worth approximately $58m to two repeat customers.

A DP2, 12,000-bhp AHTS vessel was sold to Dubai-based Topaz Energy and Marine. Nam Cheong last sold three PSVs to Topaz in July 2014. The vessel is slated for delivery in 2016.

A 200-men accommodation work vessel (AWV) was sold to Singapore’s Marco Polo Marine for imminent delivery in the next quarter. Marco Polo Marine’s previous purchase of a similar AWV at Nam Cheong was made in August 2014 by a joint venture co-owned by Marco Polo Marine and Nam Cheong.

The two vessels are being constructed as part of Nam Cheong’s build-to-stock series in the group’s subcontracted yards in China.

“With these contracts, it brings our cumulative orderbook to a robust MYR1.7bn ($475.5m), pointing to the credibility and soundness of our reputation as a shipbuilder amidst an outlook of uncertainties in the macro environment,” said Leong Seng Keat, ceo of Nam Cheong.

Nam Cheong claimed that it is the largest shipbuilder of OSVs in Malaysia and with about 7% of the regional market share, and the second largest player east of the Suez Canal.