Mainboard-listed Nam Cheong has secured US$64.5 million worth of contracts to construct four offshore support vessels (OSVs) — two 60-metre dive support vessels (DSVs) and two 60-metre remote operated landing crafts (ROLCs).
All four OSVs will be fully constructed in-house at Nam Cheong’s shipyard in Sarawak, Malaysia and are scheduled to be delivered in 2H2027 and early 2028. These orders are Nam Cheong’s first shipbuilding contract wins in more than a decade and were awarded by a new customer, an established global energy maritime logistics company based in the United Arab Emirates.
In a statement, Nam Cheong says that the ROLC, based on the remote-control system developed by the SeaOwl Group, is a “cutting-edge” and “first-of-its-kind” vessel to be built in the world. Equipped with built-in auto docking capability, the vessel will be totally unmanned and remotely operated via satellite connection from shore station and will be used for logistical operations that require rapid deployability, versatility and crewless functionality.
For the DSV, Nam Cheong says it is a “highly sophisticated” offshore asset specifically designed to carry out a wide range of complex subsea operations under harsh open-water conditions, including tasks such as diving support, remotely operated vehicle support, underwater inspections and maintenance.
Nam Cheong adds that the contract wins demonstrate the company’s strengthened shipbuilding capabilities developed over six decades and highlights the customer’s strong trust in Nam Cheong.
CEO Leong Seng Keat says: “We are deeply grateful for the customer’s trust and confidence in us and equally proud that our own efforts and continuous upskilling have brought us to this milestone. I am confident that our decades of proven track record in shipbuilding, strengthened technical know-how, and commitment to meeting customers’ requirements will enable us to ride on this positive newbuild momentum and deliver long-term value to our shareholders.”
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Nam Cheong says that the contracts are expected to contribute positively to the company’s earnings for the financial years ending 2026 to 2028.
Shares in Nam Cheong closed at $1.33, three cents or 2.3% higher on Feb 23.
