Nam Cheong secures orders for two vessels worth about $59.5 million

Mainboard-listed Nam Cheong announced on Monday that it has secured sale contracts for two vessels with a total value worth approximately US$45 million (S$59.5 million).

The group secured a sales order for a 6,000 bhp Anchor Handling Towing Supply (AHTS) vessel from a Netherlands-based repeat customer, Vroon B.V., an international shipping company.

One Platform Supply Vessel of 5,000 dead weight tonne was sold to another repeat customer, E.A. Temile Development Company of Nigeria Ltd based in West Africa, an engineering and construction company.

The contracts are expected to contribute positively to group earnings for the financial years ending December 31, 2014 and December 31, 2015.

With the contracts, Nam Cheong's order book stands at approximately RM1.7 billion (S$640 million).