Page 27 - Oil&Gas-AustralAsia-2015-Issue-1
P. 27
M ALAYSIA
Nam Cheong wins orders worth
$58 million
By Marie RYAN
A Nam Cheong built platform supply vessel.
Image courtesy of Nam Cheong Group
The Nam Cheong Group announced reputation as a shipbuilder amidst an The OSV builder said it will emerge
two new offshore service (OSV) vessel outlook of uncertainties in the macro stronger once the clouds of macroeco-
contracts worth an estimated US$58 environment,” Mr Seng Keat said. nomic uncertainties scatter.
million from repeat customers in March “In particular, we are heartened to have The two vessels are of American Bureau
2015. attained the vote of confidence from of Shipping (ABS) class and are being
Malaysia’s largest OSV builder will our repeat customers for the continued constructed as part of Nam Cheong’s
supply a 200 man accommodation work demand for our vessels,” he said. built-to-stock series in the Group’s
vessel (AWV) to Singapore-listed com- “Over the years, our strategy in setting subcontracted yards in China.
pany Marco Polo Marine for delivery our sights further afield the region and The vessels are scheduled for delivery
next quarter, Marco Polo Marine is an in extending our footprints across the in 2015 and 2016 and are expected to
integrated offshore supply and marine world has paid off on several fronts, contribute positively to the Group’s
logistic group established in chartering on one hand we added a larger base of earnings for the financial year ending
of OSVs in the region and took delivery customers which translates to a higher 2015-16.
of similar accommodation vessel last stream of revenue. On the other, this Headquartered in Kuala Lumpur, Ma-
year. strategy also buoys our business stabili- laysia, Nam Cheong is a global leading
The second contract award was from ty through the greater diversification of offshore marine group specialising in
Dubai based Topaz Energy and Ma- geographical and customer concentra- the building of OSVs, holding about
rine Limited for a 12,000bhp anchor tion risks.” 7% of the regional market share and the
handling towing supply vessel (AHTS). Chief executive said Nam Cheong second largest player east of the Suez
Topaz Energy and Marine received remained committed to optimising cost Canal.
three platform supply vessels (PSVs) structure to weather the volatility in oil Since its humble beginnings in 1968
from Nam Cheong last year meaning prices. building only fishing vessels, the Group
this contract was another repeat cus- “With a continued glut in oil supply, today owns and operates one of the
tomer re-ordering with the Malaysian we believe our proposition of being a largest shipbuilding yards for OSVs in
shipbuilder. partner to our customers by providing Malaysia.
Nam Cheong chief executive Leong them with quality vessels driven by cost The Group focuses on the construction
Seng Keat said the company was and fuel efficiencies is more important and engineering of complex, sophis-
delighted to kick-off the year with the than ever. By doing so, it increases the ticated, environmentally friendly and
securing of two new contracts. bidding competitiveness of our custom- quality OSVs that are equipped with the
“With these contracts, it brings our cu- ers for charter contracts, placing us in a latest technology for use in the offshore
mulative order book to a robust RM$1.7 mutually beneficial and virtuous cycle oil and gas exploration and production
billion (US$46 million), pointing to of landing additional contracts in the and oil services industries. §
the credibility and soundness of our future,” he said.
A Awww.oilandgasaustralasia.com MARCH/APRIL 2015 OIL & GAS ustral SIA 25
Nam Cheong wins orders worth
$58 million
By Marie RYAN
A Nam Cheong built platform supply vessel.
Image courtesy of Nam Cheong Group
The Nam Cheong Group announced reputation as a shipbuilder amidst an The OSV builder said it will emerge
two new offshore service (OSV) vessel outlook of uncertainties in the macro stronger once the clouds of macroeco-
contracts worth an estimated US$58 environment,” Mr Seng Keat said. nomic uncertainties scatter.
million from repeat customers in March “In particular, we are heartened to have The two vessels are of American Bureau
2015. attained the vote of confidence from of Shipping (ABS) class and are being
Malaysia’s largest OSV builder will our repeat customers for the continued constructed as part of Nam Cheong’s
supply a 200 man accommodation work demand for our vessels,” he said. built-to-stock series in the Group’s
vessel (AWV) to Singapore-listed com- “Over the years, our strategy in setting subcontracted yards in China.
pany Marco Polo Marine for delivery our sights further afield the region and The vessels are scheduled for delivery
next quarter, Marco Polo Marine is an in extending our footprints across the in 2015 and 2016 and are expected to
integrated offshore supply and marine world has paid off on several fronts, contribute positively to the Group’s
logistic group established in chartering on one hand we added a larger base of earnings for the financial year ending
of OSVs in the region and took delivery customers which translates to a higher 2015-16.
of similar accommodation vessel last stream of revenue. On the other, this Headquartered in Kuala Lumpur, Ma-
year. strategy also buoys our business stabili- laysia, Nam Cheong is a global leading
The second contract award was from ty through the greater diversification of offshore marine group specialising in
Dubai based Topaz Energy and Ma- geographical and customer concentra- the building of OSVs, holding about
rine Limited for a 12,000bhp anchor tion risks.” 7% of the regional market share and the
handling towing supply vessel (AHTS). Chief executive said Nam Cheong second largest player east of the Suez
Topaz Energy and Marine received remained committed to optimising cost Canal.
three platform supply vessels (PSVs) structure to weather the volatility in oil Since its humble beginnings in 1968
from Nam Cheong last year meaning prices. building only fishing vessels, the Group
this contract was another repeat cus- “With a continued glut in oil supply, today owns and operates one of the
tomer re-ordering with the Malaysian we believe our proposition of being a largest shipbuilding yards for OSVs in
shipbuilder. partner to our customers by providing Malaysia.
Nam Cheong chief executive Leong them with quality vessels driven by cost The Group focuses on the construction
Seng Keat said the company was and fuel efficiencies is more important and engineering of complex, sophis-
delighted to kick-off the year with the than ever. By doing so, it increases the ticated, environmentally friendly and
securing of two new contracts. bidding competitiveness of our custom- quality OSVs that are equipped with the
“With these contracts, it brings our cu- ers for charter contracts, placing us in a latest technology for use in the offshore
mulative order book to a robust RM$1.7 mutually beneficial and virtuous cycle oil and gas exploration and production
billion (US$46 million), pointing to of landing additional contracts in the and oil services industries. §
the credibility and soundness of our future,” he said.
A Awww.oilandgasaustralasia.com MARCH/APRIL 2015 OIL & GAS ustral SIA 25
