Nam Cheong sells six offshore support vessels for $89 million

OFFSHORE support vessel builder Nam Cheong has sold six vessels worth a total of US$72.1 million (S$89.4 million) to two existing customers.

They comprise two anchor handling towing supply vessels and four emergency response and rescue vessels.

The anchor handling vessels were sold to subsidiaries of Icon Offshore, one of Malaysia's largest offshore support vessel groups, with a portfolio of 32 vessels providing various logistic, oil and gas services in Southeast Asia and the Middle East.

These vessels will be deployed in Malaysian waters.

They are being constructed as part of Nam Cheong's build-to-stock series. Icon Offshore has bought a total of five anchor handling vessels from the group to date.

The other four vessels were sold to a Singapore-based company that provides ship management and chartering services. They will be deployed in the North Sea, and constructed under Nam Cheong's build-to-order model.

Nam Cheong executive director Leong Seng Keat said: "In just the first three months of this year, we have seen robust sales indicative of strong industry momentum in the region and globally. With the contract win, Nam Cheong's order book to date stands at RM1.3 billion."