Repeat customer: Nam Cheong clinches $105m deal with Malaysian firm

Another two vessels are in the pipeline.

Offshore marine player Nam Cheong today announced that it has sold two Accommodation Work Barges worth approximately S$105 million (around US$84 million) to its repeat customer Perdana Petroleum Berhad.

These two AWBs will be the first-of-its-kind in Malaysia when delivered and the largest accommodation vessels to be built by Nam Cheong.

Both of these vessels are being constructed under Nam Cheong’s build-to-order model in one of the Group’s subcontracted yards in China. They are scheduled for delivery in 2016 and are expected to contribute positively to the Group’s earnings for the financial years ending 31 December 2014 to 31 December 2016.

Nam Cheong is listed on the Main Board of the SGX and is Malaysia’s largest Offshore Support Vessel, while Berhad is a Bursa-listed firm.