OFFSHORE activity in shallow waters will stay fairly “recession-proof” in the near term as oil majors move into the production phase, keeping offshore support vessels (OSV) players busy, says Nam Cheong Ltd CEO Leong Seng Keat.
The Singapore-listed firm, Malaysia’s No. 1 builder of OSVs and one of the largest in the world by vessel deliveries, saw its sales vault to a record 24 vessels worth RM1.56bil last year. As at the first quarter to March, Nam Cheong has sold seven ships.
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