Nam Cheong

Nam Cheong: Secured 3 sales contracts worth approx US$51.5m (equivalent to approx $66.8m) for 2 PSVs and 1 AHTS vessel. The 2 PSVs will be sold to Bumi Armada and is expected to be delivered by end 2011 and mid-2012. The AHTS is sold to a UAE co, Gulf Glory Marine and is due by mid 2012. All 3 vessels are under construction in co's built-to-stock series in one of co's subcontracted yards in China. Co has current order book of approx $274m.