Nam Cheong wins US$47.5M in long-term charters for three OSVs

Malaysian OSV owner and builder Nam Cheong has been awarded long-term charters for a trio of offshore vessels to the Middle East and Japan totalling US$47.5M.

The Singapore-listed company reported the contracts cover an anchor handling tug supply vessel and two fast crewboats that will be fixed for two years starting 2025, with options to extend.

Two OSVs will be chartered to Marine Operations for Environmental Services (SAIL) in the Middle East to support environmental preservation projects. Wholly owned by Saudi Investment and Resource Co, SAIL specialises in monitoring and responding swiftly to oil spills along the Saudi Arabian shorelines. 

The third OSV will be chartered to an offshore windfarm contractor in Japan.

With these latest contracts, Nam Cheong now has 24 vessels operating under long-term contracts, representing 63% of its fleet.

“While oil and gas remains a core market for us, we are seeing growing potential in offshore renewables and marine environmental services” said Nam Cheong chief executive Leong Seng Keat. The company has set a target of having 70% of its fleet under long-term charter.