Corporate digest

Nam Cheong

OFFSHORE vessel builder Nam Cheong's indirect subsidiary SKOSV SDN BHD has clinched three-year chartering contracts for three offshore support vessels worth about RM80 million (S$26.3 million), with an option for extension valued at RM50 million. The clients are Malaysian oil majors and the vessels will be used to service works on floating LNG (liquefied natural gas) facilities and other production operations in Malaysian waters until 2022, with an optional extension until 2024.

The contracts are expected to contribute positively to the group's financial performance from the financial year ending Dec 31, 2019 through to the end of fiscal 2022.