Nam Cheong sells two offshore support vessels for US$36.7 million

[SINGAPORE] shipbuilder Nam Cheong on Tuesday (Apr 21) introduced that it’s promoting two offshore support vessels for US$36.7 million.

The patrons are a vessel operator in Indonesia and a government-linked vessel operator in Egypt.

The transactions included the sale of a new-build multi-purpose support vessel – Nam Cheong’s first new-build sale in over a decade – and a 120-tonne anchor dealing with tug provide vessel, which can flip 16 years previous in 2026.

Both vessels had been delivered within the second quarter, Nam Cheong stated.

It added that internet proceeds from the offers can be redeployed to support the group’s shipbuilding actions, both for exterior gross sales or to support its fleet growth to develop its standard revenue base.

Leong Seng Keat, chief government officer of Nam Cheong, famous that the group “continues to see increasing demand for new-builds” amid an growing older international offshore support vessel fleet.

“Earlier this year, the group successfully secured its first shipbuilding contract for four offshore support vessels in more than a decade,” he added. “We view this new-build coming out as a further encouraging signal of emerging shipbuilding demand.”

Nam Cheong expects offshore actions and demand for offshore support vessels to “remain robust.”

The group famous that offshore engineering, procurement, development and set up expenditure is anticipated to “increase significantly” in 2026; spending has been forecast to rise 32 per cent to US$71 billion.

“At the same time, aging fleet and limited new-build appetite underscore a tightening supply outlook,” it added.

Shares of Nam Cheong ended Tuesday flat at S$1.54, earlier than the announcement.