Nam Cheong: secured new contracts for the sale and charter of a 5220bhp AHTS vessel worth RM 41.4 m. This is the 4th vessel sold in a month, to new customer Omni Marissa, a Msian O&M co that specializes in various logistic, oil and gas svcs for O&G cos in Asia Pac.
Order book rises to 11 vessels with total contract value of ~RM 590m (~S$239m). Of these, 6 vessels are scheduled for delivery in 2H11 and 5 will be delivered in 2012. The co recorded RM 131m revenue in 2Q11.
Stock trades at 12.6x annualized 2Q11 P/E, 1.5x P/B.
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