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SINGAPORE: Nam Cheong Ltd, SGX-listed Malaysia-based leading global Offshore Support Vessel (OSV) shipbuilder, has won new contracts for the sale and charter of a 5,220bhp (brake horsepower) Anchor Handling Towing Supply (AHTS) vessel worth RM41.4 million (about S$16.8 million).

The contracts represent the fourth vessel sold in a month and the expansion of Nam Cheong’s customer base, this time with Omni Marissa (L) Inc, an active Malaysian offshore marine company that specialises in various logistics, oil and gas services for oil and gas companies in Asia Pacific.

Executive Director Leong Seng Keat said: “We continue to enjoy the benefits flowing from Malaysia’s expanding oil and gas ventures, and are pleased to have gained another new customer in a short span of time.”

“In addition, we note that oil majors continue to invest in equipment and vessels essential for exploration and production activities, and we expect a rising demand for smaller AHTS vessels,” he said when announcing the contracts.

Leong said despite recent market volatility and talk of another downturn, “our ability to secure another contract within a month speaks volumes of the confidence that our customers have placed in us.

“With our four decades of track record and experience, we are in a good position to accurately predict market demands and build the vessels ahead of time to suit the needs of our customers,” he said.

This deal closely follows a previous announcement made on July 26, 2011, when the group secured three contracts worth a total of about S$46 million for three 5,150 bhp AHTS vessels with a new customer, Sentinel Marine Pte Ltd.

Like the previous three vessels, the newly-sold 5,220 bhp AHTS vessel, which is nearing completion, is also being built as part of the group’s built-to-stock series in one of Nam Cheong’s subcontracted yards in China.

The ABS class vessel has an overall length of 60 metres and has achieved a bollard pull of 71.1 tonnes in a recent sea trial.

It is scheduled for delivery next month.

With this latest contract, Nam Cheong’s order book has increased to 11 vessels, with total contract value of about RM590 million.

Of these, six vessels are scheduled for delivery in the second half of this year and five will be delivered next year. – BERNAMA