Nam Cheong Sells OSVs Worth $70 Million

Nam Cheong, Malaysia’s largest offshore support vessel (OSV) builder, has announced that it has sold four emergency response and rescue vessels (ERRV) and one anchor handling towing supply vessel (AHTS) for close to US$70 million to existing repeat customer, 
Sentinel Marine. 
 
Mr. Leong Seng Keat, Nam Cheong’s CEO said, “We are very pleased to have made a strong start in the new year, soon after reporting a record high of 24 vessel sales last month. We are also encouraged by this repeat business which shows a strong vote of confidence in the quality of our vessels. We will continue to tap on our strong working relationships with existing customers, many of whom are established players globally, as we ride the industry uptick together.” 

The four ERRVs are being constructed under Nam Cheong’s build-to-order model, whereas the AHTS vessel is being constructed as part of the Group’s build-to-stock series. All five vessels are being constructed in its subcontracted yards in China. 

A year ago, Nam Cheong sold four 3,755 bhp ERRV to Sentinel Marine, an emerging Aberdeen-based company which owns and operates OSVs. 

Headquartered in Kuala Lumpur, Malaysia, Nam Cheong is a global leading offshore marine group specializing in the building of OSVs. Nam Cheong is the largest shipbuilder of OSVs in Malaysia and with about 7 per cent of the regional market share and the second largest player east of the Suez Canal.