Nam Cheong Hooks $64.5M Deal to Build Four OSVs

(Credit: Nam Cheong)

Malaysia-based offshore support vessel (OSV) builder Nam Cheong has secured shipbuilding contracts worth $64.5 million from a UAE-based global energy maritime logistics company for the construction of four offshore support vessels, marking its first newbuild contract win in over a decade.

The order comprises two dive support vessels (DSVs) and two 60-meter remote operated landing crafts (ROLC), with deliveries scheduled between the second half of 2027 and early 2028. All four vessels will be constructed at Nam Cheong’s Miri Yard in Sarawak, Malaysia.

The two ROLCs will be the first vessels of their kind to be built, according to the company. They will be fully unmanned and remotely operated via satellite connection from shore, equipped with auto docking capability and based on a remote-control system developed by SeaOwl Group.

Nam Cheong said the contract signals a resurgence in demand for its shipbuilding activities after more than 10 years without a newbuild award.

The company cited strengthening global offshore oil and gas demand, an ageing global fleet averaging 15 to 16 years approaching a replacement cycle, and OPEC+’s eighth consecutive month of production increases as supportive market factors.

“We are thrilled to have an established UAE-based global energy maritime logistics company as our new customer. This marks the beginning of the resurgence in demand for our shipbuilding activities after more than a decade.

“I am confident that our decades of proven track record, 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,” said Leong Seng Keat, Chief Executive Officer.