Nam Cheong garners $69m from sale of three vessels

OFFSHORE marine group Nam Cheong said today that it has sold one platform supply vessel and two anchor handling towing supply vessels worth a total of US$56.4 million (S$68.8 million).

This takes the total number of vessels it sold this year to 21, surpassing past years' numbers to register an all-time high for annual vessel sales.

"Our ability to win repeat orders from existing customers is a hallmark of our strong track record," said Nam Cheong executive director Leong Seng Keat, noting that more than two-thirds of its orders are from repeat customers.

The 5,000 dead weight tonne platform supply vessle has been sold to a new customer, one of the major marine services providers to the offshore oil and gas industry in the Asia Pacific region.