TODAY'S HEADLINE

NAM CHEONG WINS SALE CONTRACTS OF US$43.81M  

Malaysian'based o'shore support vessel (OSV) shipbuilder Nam Cheong Ltd has secured contracts worth a total of US$43.81 million for the sale of three vessels.

Two anchor handling towing supply (AHTS) vessels were sold to repeat customers, a Norwegian'based company and a marine operator in the Middle East.

This is the third AHTS vessel the former has contracted in the current year. It owns, operates and manages the vessels under a long'term charter contract with Brazil's national oil corporation, Petrobras.

The order for the third vessel, a 3000 deadweight tonne platform supply vessel (PSV), was placed by a new customer, an o'shore marine services and construction company based in West Africa.

"Securing the contract from our new West African customer has e'ectively expanded our geographical market. This new customer services the oil and gas industries in one of the oil'rich nations in the West African region," said Nam Cheong's executive director, Leong Seng Keat.

The vessels are part of the group's build'to'stock series in one of its subcontracted yards in China, to which it outsources the construction of vessels to reach higher production capacities.

With the addition of the new orders, Nam Cheong's order books now stand at RM912 million ($364.35 million).

Scheduled for delivery between the fourth quarter of this year and the 'rst quarter of 2013, with revenue to be recognised over the relevant contractual periods, the deals are expected to contribute positively to the group's earnings for the current and following 'nancial years.


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Source: The Business Times

Source: AmFraser