Nam Cheong secures AWB contract

June 23, 2014

Nam Cheong Ltd a global offshore marine company and Malaysia’s largest Offshore Support Vessel (OSV) builder announced today that it has sold two accommodation work barges (AWB) worth approximately US$84 million.

The barges were sold to Perdana Petroleum Berhad, the contract includes the option to purchase another two vessels. In July 2013, Nam Cheong sold the Petra Endeavour, an AWB of a smaller size, to Perdana, an established, major offshore marine services provider for the oil and gas industry in Malaysia and the Southeast Asian region.

These two AWBs will be the first-of-its-kind in Malaysia when delivered and the largest accommodation vessels to be built by Nam Cheong. The AWB’s are ABS class vessels that extend 123m in length, and are capable of accommodating 500 persons; they are equipped with an 8 point mooring system and a 300 ton deck crane.

Leong Seng Keat , Nam Cheong’s Chief Executive Officer commented that  “In addition to breaking new ground as the first of their kind in Malaysia and the largest to be built by Nam Cheong, these AWBs boast of the highest value per unit to be constructed by us. With this contract, we are pleased to note that our cumulative order book has further increased to a high of RM1.5 billion.”

Both of the vessels are being constructed under Nam Cheong’s build-to-order model in one of the group’s subcontracted yards in China. They are scheduled for delivery in 2016 and are expected to contribute positively to the group’s earnings for the financial years ending 31 December 2014 to 31 December 2016.



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