Sarawak, Malaysia-based offshore support vessel builder Nam Cheong Limited has secured OSV charter contracts of up to RM102.5m ($25.4m). The contracts cover two OSVs with a firm charter period of up to 2 years, starting in 2026, with options to extend for up to 1 additional year.
Specifically, the contracts comprise one anchor handling tug supply (AHTS) vessel and one maintenance work vessel, to be chartered for a firm period of up to 2 years, commencing in 2026, with options for further extension of up to 1 additional year.
The AHTS vessel has been chartered to Offshore Oil Engineering Co., Ltd. (COOEC), a subsidiary of CNOOC, according to Nam Cheong, and commenced operations in the first quarter of 2026.
The maintenance work vessel is chartered to a regional independent oil producer and is expected to commence operations in early second quarter of 2026.
Both vessels, which are supporting offshore oil and gas activities in South East Asia, can handle a broad range of offshore support functions.
With these two long-term charters, 25 out of the group’s 36-vessel fleet are now under long-term charters, raising the fleet’s long-term charter coverage to 69%. The group expects vessel utilisation to improve in 2026, supported by the commencement of more long-term charters.
“Our average vessel age now stands at 9 years, lower than the market average, which provides a long runway,” said Leong Seng Keat, chief executive officer of Nam Cheong. “These contract wins bring us close to our target of 70% long-term charter coverage, which provides a good balance between earnings stability and room to capture upsides in the spot market.”
Malaysia’s Nam Cheong is a global offshore marine group specialising in the building and chartering of OSVs.
The group has delivered over 150 vessels since 2007, which include anchor handling towing supply (AHTS) vessels, platform supply vessels (PSVs), accommodation work boats and accommodation work barges.
Nam Cheong is also expanding its vessel chartering operations, with the group operating a chartering fleet of about 36 vessels.
