Nam Cheong

Nam Cheong: Secured a sale contract worth RM84m (approx $34.3m) for one unit of 300 men Accommodation Work Barge. This is a new order secured from CNN Capital (L) Bhd and is being built at one of the Group’s subcontracted yards in China. The 100 meter-long AWB will have the capacity to accommodate 300 men and be equipped with an 8-point mooring system and a 68-tonne crane.The AWB is scheduled for delivery in the second quarter of 2012 and will be deployed to serve the top side maintenance, hook up and commissioning of an existing oil platform within the Malay basin in the shallow water region. This boosts YTD contract wins to $309m, above the $206m last yr. Nam Cheong trades at 9M annualized P/E of 7.1x