Nam Cheong, builder of offshore support vessels, has clinched new contracts worth some $38m to construct and sell three units of anchor handling towing supply vessels (AHTS).
Singapore-based Sentinel Marine, which provides ship management and chartering services, is acquiring the vessels of 5,150 bhp each.
The vessels, currently being built for stock in one of three Chinese yards contracted by Nam Cheong, are slated for delivery to Sentinel Marine between the second and fourth quarters of 2012.
“Despite market concerns of an oversupply of smaller offshore support vessels, we continue to see a demand for AHTS and by securing these new contracts, it confirms again our market prediction for a continued demand for AHTS,” said Leong Seng Keat, executive director of Nam Cheong.
Including these latest contracts, Singapore-listed Nam Cheong's orderbook has increased to 11 vessels with total contract value of RM644m ($217.5m).