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Nam Cheong wins $28m chartering contracts for six OSVs

Malaysia’s Nam Cheong has clinched chartering contracts worth MYR116.4m ($27.7m), including options to extend, for six OSVs with foreign oil majors.

The six chartering contracts are for two accommodation work barges, three AHTS vessels and one PSV. The OSVs will mainly operate in East Malaysian waters to support the drilling activities of foreign oil majors.

“The sizable new order wins are a good start for the year, adding more stability and visibility to our revenue and orderbook going forward,” said Leong Seng Keat, ceo of Nam Cheong.

With the new order wins, Nam Cheong’s total orderbook stands at MYR 318.2m, after including revenues from options for extension.

“While we remain vigilant on the market outlook, we will continue to capitalise on our capabilities and reputation in vessel chartering business and diversify into engineering, procurement, construction, installation and commissioning projects to capture more opportunities during the industry upturn,” Leong said.

The Malaysia-based OSV builder, having completed a debt restructuring in September 2018, is now taking steps to move forward in rebuilding its vessel chartering business, as well as to cover a broader scope of offshore marine related services including fabrication work.

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