The remaining vessel will be chartered to an offshore wind farm contractor in Japan.
Nam Cheong says that the deployment of these three vessels signals its penetration into green offshore projects which “highlights the capability and adaptability of our fleet to operate across diverse offshore operations".
It adds that its expansion into the Middle East and Japanese waters reflects a strategic move to diversify its geographical exposure and reduce concentration risk.
With these three vessels secured under charter, Nam Cheong now has a total of 24 vessels operating under long-term contracts, representing 63% of its entire fleet. Nam Cheong says that this marks its continued progress towards the strategic target of having 70% of the fleet under long-term charters, further enhancing our earnings visibility and operational stability.
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“While Oil and Gas remains a core market for us, we are seeing growing potential in offshore renewables and marine environmental services. Leveraging a modern and advanced fleet, we are building a more balanced charter mix to maximise fleet utilisation while capitalising on the global energy transition trend to drive sustainable returns,” says Leong Seng Keat, CEO of Nam Cheong.
Shares in Nam Cheong closed 1 cent higher or 2.198% up at 46.5 cents on June 27.
