Nam Cheong Secures Massive AHTS Vessel Contract

Nam Cheong, a SGX-listed offshore marine group, announced on Friday that they have secured RM41.4 million (S$16.7 million) sale and charter for an Anchor Handling Towing Supply (AHTS) vessel with Malaysian offshore marine company, Omni Marissa. 

The 5,220 bhp (brake horsepower) AHTS vessel is already near completion and has an overall length of 6- meters, with a bollard pull of 71.1 tonnes in recent sea trials.  The vessel is expected to be delivered next month. 

The contract makes this the fourth vessel sold in a month by Nam Cheong.  Leong Seng Keat, executive director of Nam Cheong, commented that they have noted that oil majors continue to invest in equipment and vessels needed for the productions and exploratory actions, and that they except to see an increasing demand for these AHTS vessels in the future, as they had just earlier secured three contracts with Sentinel Marine racking up S$46 million.

Keat added that their ability to secure more contracts within a month despite a recently volatile market speaks volumes of the trust customers have placed in the company, citing four decades of experiential track record to suit the needs of their customers.

Nam Cheong officials reported that their order book has increased to 11 vessels, totaling S$239 million contract value following this latest contract.