Nam Cheong

Nam Cheong: Strong order momentum continues. Grp announced that it has secured two sale contracts worth a total of US$59.0m for 2 accommodation work barges, from Petronas. The AWBs, scheduled for delivery in 2Q13, are being built as part of the group's built-to-stock series in one of Nam Cheong's subcontracted yards in China. They are both ABS Class vessels. Both contracts were secured by Nam Cheong's wholly-owned subsidiary, Nam Cheong International. With these contracts, Nam Cheong's year-to-date order book has hit a high of RM1.06b ($422.8m) in contract value, far surpassing last year's figure of RM757m.