Sarawak, Malaysia-based offshore support vessel builder Nam Cheong Limited has entered into a sales deal with a Vietnam-based offshore and marine group to sell one 4,000-dwt platform supply vessel (PSV) for US$20.5m.
The vessel is scheduled for delivery in December 2025, according to a company’s filing on SGX-ST on December 24.
The company didn’t disclose more details about the PSV vessel.
“Net proceeds will be primarily redeployed to support the group’s shipbuilding activities, either for external sales or to support the group’s fleet expansion to grow the recurring income base, depending on prevailing opportunities,” Nam Cheong Limited said in its statement.
It noted the sale is part of its fleet reprofiling initiatives, enabling the divestment of relatively ageing vessels at opportune timing and pricing, while supporting efficient capital recycling for its inhouse shipbuilding operations.
Leong Seng Keat, chief executive officer of Nam Cheong, commented on the sale, “Our strong OSV shipbuilding heritage and established global clientele base allow us to identify and capitalise on market opportunities for vessel monetisation. This enables the group to capture earnings upsides through the sale of the existing aged vessel. Complementing this, the group’s in-house shipbuilding capabilities provide a sustainable and flexible vessel supply, supporting vessels sales when market opportunities arise, or enabling fleet expansion to grow a recurring income base as appropriate.”
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 37 vessels.
