Net proceeds will fund the group’s shipbuilding actions, together with fleet enlargement
[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 comprised 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sale in over a decade – and a 120-tonne anchor dealing with tug provide vessel, which is able to flip 16 years outdated in 2026.
Both vessels have been delivered within the second quarter, Nam Cheong mentioned.
It added that web proceeds from the offers can be redeployed to support the group’s shipbuilding actions, both for exterior gross sales or to support its fleet enlargement to develop its recurring earnings base.
Leong Seng Keat, chief government officer of Nam Cheong, famous that the group “continues to see increasing demand for new-builds” amid an ageing world offshore support vessel fleet.
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“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 sale 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, building and set up expenditure is anticipated to “increase meaningfully” in 2026; spending has been forecast to rise 32 per cent to US$71 billion.
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“At the same time, ageing 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.
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