Hot stock: Shares of Nam Cheong gain on contract wins

SHARES of Nam Cheong gained 3.33 per cent on Monday after it said it has secured sale contracts for two vessels worth about US$45 million.

The stock was up one Singapore cent at S$0.31.

Name Cheong clinched one sales order for a 6,000 bhp Anchor Handling Towing Supply (AHTS) vessel from a Netherlands-based repeat customer, Vroon BV. The other, a Platform Supply Vessel of 5,000 dead weight tonne, was sold to another repeat customer, E A Temile Development Company of Nigeria Limited based in West Africa.

The contracts are expected to contribute positively to the earnings of the group for the financial year ending Dec 31, 2014 and Dec 31, 2015.

With the contracts, Nam Cheong's order book stands at RM1.7 billion.