Nam Cheong sells vessel for $19.8m to reduce debt

The disposal supports balance sheet ahead of FY2026.

Nam Cheong has agreed to sell a 3,000 deadweight-tonne (DWT) platform support vessel (PSV) for $19.8m, with most of the proceeds earmarked for debt repayment and working capital, according to a filing.

The 11-year old vessel is scheduled for delivery in the first quarter (Q1) of 2026, the company said.

Following the sale, Nam Cheong will continue to operate a fleet of 36 offshore support vessels with an average age of about nine years, maintaining its operational scale after the divestment.

The transaction reflects continued liquidity for offshore assets in Indonesia, where upstream oil and gas investment reached $7.19b in the first half (H1) of 2025.

Nam Cheong said the transaction forms part of its capital management approach, with selective vessel sales complementing charter operations as the group focuses on balance-sheet strengthening.