Like most of its peers in O&M, Mainboard-listed Nam Cheong, a shipbuilder based in Sarawak, Malaysia, suffered debilitating setbacks during the period as the industry sank like the Titanic, crashing into an unyielding berg of sustained low oil prices, oversupply of offshore vessels and reduced capital investment by oil majors.
Having survived the multi-year industry slump, Nam Cheong is both upbeat about the offshore and marine market ahead, but wary of the risks
Bangkit semula, a Malay phrase that describes an entity making a successful recovery after a setback, is arguably an apt description of the current state of the offshore and marine (O&M) industry, which has been languishing in the doldrums since the mid-2010s.
