Nam Cheong leads the offshore market with 4 more vessels: OSK|DMG

The company is getting more profitable.

Malaysian offshore vessel builder Nam Cheong Limited has secured contract for 4 more vessels worth approximately US$92 million, boosting its current order book to 25 vessels worth MYR 1.7 billion.

It can be recalled that Nam Cheong won contracts in May for 2 500-man accommodation work barges worth US$84 million, which brought is orderboo to MYR 1.5 billion.

A research by OSK|DMG reveals that 3 of the 4 vessels were platform supply vessels (PSVs) of 3,000dwt each, equipped with Dynamic Positioning System 2 (DP2). According to OSK, these vessels were sold to a repeat customer which is a leading oilfield services company based in Asia. The latest vessel is a 200-men Accommodation Work Boat, equipped with DP2 and sold to a new customer, Maridive and Oil Services S.A.E based in North Africa.