Global offshore marine group Nam Cheong has sold a platform supply vessel (PSV) to an undisclosed Indonesian shipowner for US$19.8 million, the latest move in Nam Cheong’s efforts to optimize its fleet structure.
The platform supply vessel being sold is 11 years old, has a deadweight tonnage of 3,000 tons, and is expected to be delivered to the new owner in the first quarter of 2026. The buyer will immediately put it into operation upon purchase, providing support for related offshore operations.
Nam Cheong stated that the sale of the vessel is part of the company’s fleet restructuring plan. The net proceeds will be used to repay debt and replenish working capital, and are expected to make a positive contribution to the company’s performance in fiscal year 2026.
The deal with Nam Cheong shipowner marks Nam Yong Shipbuilding’s second ship sale recently. A few days earlier, the company sold the SK Prime, a platform supply vessel built in 2016, to PetroVietnam’s subsidiary, Petroleum Technical Services Corporation (PTSC), for US$20.5 million. Built in 2016, the vessel is 78 meters long, 18.6 meters wide, has a draft of 6.4 meters, a deadweight tonnage of 4,151 tons, a deck area of 800 square meters, a capacity of 60 people, and is equipped with a DP2 dynamic positioning system.
According to its official website, Nam Cheong is a global maritime group headquartered in Sarawak, Malaysia, specializing in the construction and leasing of offshore support vessels (OSVs). Founded in 1968 as a fishing vessel builder, it has grown to become Malaysia’s largest OSV contractor. The company owns and operates Malaysia’s largest dedicated OSV shipyard and was listed on the Main Board of the Singapore Exchange on May 27, 2011.
The Group focuses on OSV chartering, as well as the construction and engineering of sophisticated, environmentally friendly and quality OSVs that are equipped with the latest technology for use in the offshore oil and gas exploration and production (“E&P”) and oil services industries, with customers hailing from Malaysia, Southeast Asia, Middle East, West Africa, Latin America, Europe, and the United States. The Group has delivered over 140 vessels since 2007, which include anchor handling towing supply (“AHTS”) vessels, platform supply vessels (“PSVs”), accommodation work boats and accommodation work barges.
Beyond building some of the most sophisticated OSVs, Nam Cheong is expanding its vessel chartering operations, with the Group operating a chartering fleet of over 30 vessels. Nam Cheong was successfully listed on SGX-ST on May 27, 2011.