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Wednesday, April 24, 2013

Nam Cheong sells two vessels worth $73mil


Nam Cheong, Malaysia’s largest Offshore Support Vessel (OSV) builder, announced that it has sold two vessels worth a total of US$59 million ($73.2 million).

Two Accommodation Work Barges (AWBs) were sold to a subsidiary of Perdana Petroleum Berhad , an established, major offshore marine services provider for the oil and gas industry in Malaysia and the Southeast Asian region. The barges are 100 metres long and can accommodate 300 men. Each is also equipped with an eight-point mooring system and a 300-tonne crane.

Leong Seng Keat, Nam Cheong’s Executive Director, said: “Perdana has been a valued, blue-chip customer of Nam Cheong for the past seven years. As a major offshore marine player in Malaysia, Perdana stands to benefit from positive industry developments that would include the Pan-Malaysian Hookup and Commissioning works, an umbrella package worth a total of RM8 billion to RM10 billion ($3.2 to $4.1 billion). We are pleased that our established relationship with Perdana is helping to boost our order book and we are thrilled to be riding on strong industry momentum with them.”

The two vessels are of American Bureau of Shipping (ABS) class and are being constructed as part of the group’s build-to-stock series in one of its subcontracted yards in China. They are scheduled for delivery during the first half of 2014.

Nam Cheong’s order book hits RM1.4 billion with this latest win.

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