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Nam Cheong sells four vessels, forms JV with Marco Polo Marine

Published on Aug 19, 2014 12:10 PM

SINGAPORE - Offshore marine group Nam Cheong has secured four contracts to sell vessels worth US$90 million (S$112 million), it said on Tuesday.

One vessel will be sold to a joint venture that the Singapore-listed group is forming with Marco Polo Marine, after the latter sold a 50 per cent stake in Marco Polo Offshore (IV) to Nam Cheong.

Marco Polo Offshore (IV), the joint venture company, will own and charter out a newly-built accommodation work vessel that was purchased from Nam Cheong.

The joint venture company has secured a five-year bare-boat contract estimated to be worth more than US$27 million. If extension options are exercised, the total value of the contract could reach almost US$50 million.

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