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Nam Cheong sells three OSVs worth USD 41m

29th September 2014

Nam Cheong Limited has sold three vessels worth approximately USD 41m

Nam Cheong sells three OSVs worth USD 41m
'The regional and global OSV industry continues to see good demand for shallow water OSVs' - Nam Cheong CEO

These three contract wins are on the back of five vessel sales to PT Pelayaran Nasional Bina Buana Raya tbk (BBR), secured during the same month, bringing the total orders in September 2014 to eight that are collectively worth approximately USD 126m.

“The regional and global OSV industry continues to see good demand for shallow water OSVs, despite some softening of oil prices,” said Leong Seng Keat, Nam Cheong’s chief executive officer. “As evidenced by the securing of these orders which has helped buoy our order book to a healthy level of approximately RM1.9 billion, we continue to be a beneficiary of the robust growth in the shallow water segment.”

One 5,150 bhp Anchor Handling Towing Supply Vessel (AHTS) was sold to a Norway-based repeat customer, Vega Offshore Group, which is in-line with the customer’s fleet expansion plan.

In addition, orders for two 6,500 bhp AHTS vessels were also secured from repeat customers of which one is based in Asia and the other, from Vroon B.V. which is based in the Netherlands.

Vega Offshore Group is an OSV owner, operator and commercial manager providing high quality offshore support services to the global market. The Asian customer is an emerging player with a strong reputation in the ship agency services and service broking business while Vroon B.V. is an international shipping company with experience that has spanned more than a century.

“These three orders, of which two are from European customers, represent the results of our sustained pursuit of being at the forefront of the OSV industry as a global player, beyond the shores of Malaysia. It is a clear testament to the quality, reliability and track record of the delivery of our vessels which has garnered strong confidence from all three repeat customers.”

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