Nam Cheong bags $47.5m offshore support vessel deals

Two of the three units will be deployed in the Middle East.

Malaysia-based Nam Cheong Limited has secured additional $47.5m offshore support vessel charter contracts, covering three ships, including an anchor handling tug supply vessel and Fast Crew Boats.

In a bourse filing, Nam Cheong said two of the vessels will be chartered to Marine Operations for Environmental Services in the Middle East to support environmental preservation projects. The remaining vessel will be chartered to an offshore wind farm contractor in Japan.

The contract will commence in 2025 for up to two years, with options for further extension.

With the addition of the three ships, Nam Cheong said it now has a total of 24 vessels operating under long-term contracts, representing 63% of its entire fleet.

“This marks our continued progress towards the strategic target of having 70% of the fleet under long-term charters, further enhancing our earnings visibility and operational stability,” the company said.