Nam Cheong sells two vessels for $58 million

SINGAPORE -- Nam Cheong Ltd, a global offshore marine player and an OSV builder, has sold two vessels worth approximately $58 million to two repeat customers.

A 200-men accommodation work vessel was sold to a subsidiary of a repeat customer, Marco Polo Marine Ltd. (MPML) for delivery in the next quarter. MPML is an integrated offshore supply and marine logistic group with an established track record in the chartering of OSVs in the region. The previous purchase was made on Aug. 19, 2014 by a JV company co-owned by MPML and Nam Cheong for a vessel with specifications similar to the new order.

In addition, one 12,000 bhp anchor handling towing supply vessel was also sold to a repeat customer based in Dubai, Topaz Energy and Marine Ltd., an OSV company providing marine solutions to the global energy industry. Nam Cheong last sold three PSVs to Topaz in July 2014.

The two vessels are of American Bureau of Shipping class and are being constructed as part of Nam Cheong’s built-to-stock series in the group’s subcontracted yards in China.

These vessels are scheduled for delivery in 2015 and 2016.