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Nam Cheong Ltd's Nam Cheong International Ltd Secures Sale Contracts For Two Accomodation Work Barges With Total Value Worth USD59 Million

Tuesday, 23 Apr 2013 07:34am EDT 

Nam Cheong Ltd announced that Nam Cheong International Ltd., a wholly-owned subsidiary of Nam Cheong, has secured sale contracts (collectively the Contracts) with a total value worth USD59 million for two units of Accommodation Work Barges (AWBs). The two AWBs were sold to a subsidiary of Perdana Petroleum Berhad (Perdana), an established, offshore marine services provider for the oil and gas industry in Malaysia and the Southeast Asian region. The AWBs are being constructed as part of the Group’s build-to-stock series in one of Nam Cheong’s subcontracted yards in China. They are scheduled for delivery during the first half of 2014. Revenue from the Contracts will be recognised over the relevant contractual period in accordance with the Group’s revenue recognition policy. The Contracts are expected to contribute positively to the earnings of the Group for the financial years ending 2013 and 2014. With the Contracts, Nam Cheong’s order book stands at approximately RM1.4 billion to date. 

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18 Dec 2014