Nam Cheong International Ltd., a wholly-owned subsidiary of Nam Cheong, has secured sale contracts with a total value worth USD52.1 million (equivalent to approximately SGD64 million) for two units of Platform Supply Vessels (PSV).
The two PSVs are sold to two new West Africa customers engage in the business of offshore marine services, engineering and construction services. The two PSVs are being built as part of the Group’s built-to-stock series in two of Nam Cheong’s subcontracted yards in China. One of the vessels is a 3,000 dead weight tonne (dwt) PSV that is 75 metres long and the other is a 5,000 dwt PSV that is 87 metres long. Both are ABS Class vessels and equipped with Dynamic Positioning 2 system. The vessels are scheduled for delivery in first quarter of 2013.
With the Contracts, Nam Cheong’s order book stands approximately RM1.19 billion (approximately SGD476 million). The order book value includes the four Multi-Purpose Platform Supply Vessels (MPSVs) that Bumi Armada Berhad intends to buy as stated in a Letter of Intent announced on June 20, 2012.
Upon the execution of definitive contracts, the MPSV sales will amount to approximately USD130 million.
[mappress] Nam Cheong, October 10, 2012