Nam Cheong

Nam Cheong: Has secured sales for another three vessels worth US$41m, taking its Sept ’14 order wins to US$126m. Two of the vessels were sold to two repeat customers based in Europe – Norway and the Netherlands, while the third vessel was sold to a repeat customer based in Asia. The three contract wins come on the back of the group’s recent five vessel sales to Pelayaran Nasional Bina Buana Raya tbk (worth US$85m), and takes its total order book to ~RM1.9b while stretching revenue visibility over the next two to three years. Commenting on the latest order win, Nam Cheong guides that the regional and global OSV industry continues to see good demand for shallow water OSVs, despite some softening of oil prices, and Nam Cheong continues to be a beneficiary of the robust growth in the shallow water segment.