A Review of the Nigerian Energy Industry

Nam Cheong adds $41m to order book

29 September 2014, News Wires – Singapore-listed Nam Cheong has netted $41 million worth of deals, with the sale of three vessels.

Nam Cheong has sold an anchor-handling tug supply vessel to Norway-based Vega Offshore.

Nam Cheong DNV-class PSV

The other order will see two vessels sold to Dutch player Vroon.

Nam Cheong recently won a contract to supply five vessels to PT Peayaran Nasional Bina Buana Raya, which brought total September orders to about $126 million.

The company’s order book now stands at 1.9 billion ringgit (US$580 million).

Revenue from the contracts will be booked against 2015 financial year earnings.

The company has also announced the decision to invest $30,7 million in an Indonesian ship owning and chartering company.

Nam Cheong is set to take a 30% interest in the share capital of BBR, a subsidiary of Marco Polo Marine.

The two companies recently signed a joint venture collaboration deal relation to investment, funding, ownership and operation of vessels, including accommodation work vessels, work-boats, accommodation work barges, anchor handling tugs and supply vessels.

The company is involved in the ownership and management of a fleet of vessels operating in the growing Indonesian market.

BBR is set to use the buy to purchase five more vessels to add to its fleet.



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