Nam Cheong Limited, one of Southeast Asia’s leading Offshore Support Vessel (OSV) providers based in Sarawak, Malaysia, has announced that the Group has entered into a sales agreement with an Indonesian customer to sell one 11-year-old 3,000 deadweight tonnage (DWT) platform support vessel (PSV) for $19.8 million.
The vessel sale is part of the Group’s fleet reprofiling initiatives and is expected to contribute positively soto the Group’s earnings for the financial year ending 2026. Vessel delivery is expected to be concluded in 1Q2026, and net proceeds will be allocated for debt repayment and working capital needs.
The vessel is sold to an Indonesian customer for immediate deployment to support ongoing operations. This transaction aligns with the pickup in offshore activities in Indonesia, where investments in upstream oil and gas (O&G) reached a decade high of $7.19 billion in 1H2025, up 28.6%
y-o-y.
Following the vessel sale, Nam Cheong will manage a total of 36 OSVs with an average vessel age of nine years. The relatively young fleet provides the Group with a long runway to generate recurring income from charter contracts, or monetization at opportune times to advance capital recycling.
Globally, the OSV market reached $4.73 billion in 2024, and is projected to grow at a 7.5% compound annual growth rate (CAGR) between 2025 and 2034, reaching $9.75 billion by 2034.
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