Nam Cheong wins contracts from Perdana Petroleum


  • Business
  • Tuesday, 04 Sep 2012

PETALING JAYA: Singapore-listed Nam Cheong Ltd, Malaysia’s largest offshore support vessel (OSV) shipbuilder, has won two contracts for the sale of two accommodation work barges (AWBs) worth a total of US$59mil to Perdana Petroleum Bhd.

It said in a statement that these contracts raised Nam Cheong’s year-to-date order book to a high of RM1.06bil in contract value, surpassing last year’s figure of RM757mil.

Sales of the two AWBs also represent the group’s second collective win in quick succession, amounting to five vessels sold in less than two weeks.

Nam Cheong executive director Leong Seng Keat said: “Our winning season is reflective of the robust offshore marine industry in Malaysia spurred on primarily by Petronas’ (Petroliam Nasional Bhd) expanded capital expenditure in exploration and production.

“Petronas has budgeted RM300bil for 2011 to 2015. With the boom in the oil and gas industry, more of our Petronas-licensed customers are benefiting from higher utilisation of their marine vessels.”

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