Nam Cheong Limited, (Nam Cheong, or together with its subsidiaries, the Group) reported that the Group has set a new record high in vessel sales with its latest contract wins of four vessels.
The Group sold three Anchor Handling Towing Supply Vessels (AHTS) to its jointly controlled entity, PT Bahtera Niaga Indonesia (BNI) and one Maintenance/Work Vessel (MWV) to a subsidiary of a repeat customer, Icon Offshore Berhad (Icon) for approximately $66 million (SGD 83.8 million).
Leong Seng Keat, Nam Cheong’s CEO said, “We are pleased that with these latest wins, our vessel sales is now at a record high of 24, surpassing last year’s high of 21 vessels. “We are also delighted to have made good inroads with both BNI and our existing customer, Icon. Our Indonesian partner in BNI is an established and well-connected player in the Indonesian oil and gas support industry and we are encouraged by this second partnership, a clear indication that our business relationship with them has indeed progressed very well since 2011.