Nam Cheong sells four PSVs worth US$120m

MAINBOARD-LISTED offshore marine company Nam Cheong announced yesterday the sale of four offshore vessels, taking it closer to the record of 21 vessels it sold last year.

The largest Offshore Support Vessel (OSV) builder in Malaysia said the four were Platform Supply Vessels (PSVs), worth a total of about US$120 million. The customer is an emerging offshore marine-services company in Latin America.

With this announcement, the group's cumulative order book has surged to RM1.7 billion (S$669 million); it has sold 20 vessels for the year to date, just a whisker away from last year's internal record high, said company chief executive Leong Seng Keat.