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Thursday, March 28, 2013

Nam Cheong sells six vessels, expects robust order book Read more: Nam Cheong sells six vessels, expects robust order book

Source: http://www.btimes.com.my/Current_News/BTIMES/articles/NAM/Article/

KUALA LUMPUR: Nam Cheong Ltd has sold six vessels worth US$72.1 million (RM223 million) to two of its existing customers.

In a statement yesterday, Nam Cheong said the vessels were sold to subsidiaries of Icon Offshore Bhd, one of Malaysia's largest offshore support vessel groups.

Nam Cheong executive director Leong Seng Keat said in the first three months of this year, the company has seen robust sales, which is an indication of the strong momentum of the industry in the region and globally.

"With the contract win, our order book to date stands at RM1.3 billion. Orders from existing customers are a demonstration of their satisfaction in our products and services, and their confidence in us to deliver again.

"We look forward to continuing our working relationships with them as partners, riding on this industry boom," he said.

Leong said 2012 was a fruitful year for the company and he expects the local momentum to continue this year, driven by Petrolium Nasional Bhd's (Petronas) expanded capital expenditure from 2011 to 2015.

"Our close ties with Petronas-licensed companies continue to serve us well, as we are able to leverage on our track record and our unique build-to-stock model," he said.

He said the six vessels were all of American Bureau of Shipping class and will be built at the company's sub-contracted yard in China.

"They are scheduled for delivery between the second quarter of 2013 and the fourth quarter of 2014, and are expected to contribute positively to the group's earnings for the financial years ending 2013 and 2014."

"Icon Offshore has been growing at a steady pace and the acquisition of the additional vessels will allow us to meet existing contracts and market demand," said its chief executive fficer Dr Jamal Yusof in a statement yesterday.

He added that the acquisition will enable the company to be more competitive and increase its bottom line.

The first vessel will be delivered in the second quarter of 2013 while the second vessel is scheduled for delivery in the subsequent quarter. Bernama

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