According to the group, the deal is set to reinforce Nam Cheong (SGX:N4E
) ’s presence in the OSV market in Southeast Asia and will provide the group with steady revenue visibility.
.
Under the contracts, the group will charter a total of twelve vessels, comprising anchor handling tug supply vessels, platform supply vessels, safety standby vessels and landing craft. The vessels constitute approximately one-third of the group’s fleet.
Nam Cheong has secured multi-year offshore support vessel (OSV) charter contracts worth RM1.22 billion ($368.7 million). The contract includes options for extension from the regional and international oil majors.
The charters are expected to begin in 2025 for a firm charter period of 3 years.
