Nam Cheong Ltd, a Malaysia-based offshore support vessel (OSV) builder and operator listed in Singapore, has secured $64.5 million in shipbuilding contracts for four new vessels from an established UAE-based global energy maritime logistics company, the group said on Monday.
The order — Nam Cheong’s first shipbuilding contract win in more than a decade — comes as offshore oil and gas activity strengthens and shipowners begin to refresh ageing fleets after years of limited newbuild demand, the company said.
Under the contracts, Nam Cheong will build two 60-metre dive support vessels and two 60-metre remote operated landing crafts, with deliveries expected in the second half of 2027 and early 2028, it said.
All four units will be constructed in-house at the group’s Miri yard in Sarawak, Malaysia, and are expected to contribute positively to earnings from the financial year ending 2026 through 2028, subject to fulfilment of contract conditions.
Nam Cheong said the dive support vessels are designed for complex subsea work in harsh open-water conditions, including diving support, remotely operated vehicle support, underwater inspection and maintenance.
The remote operated landing crafts, which the company described as among the first of their kind to be built, will be unmanned and remotely operated via satellite from a shore station, using a remote-control system developed by SeaOwl Group and featuring built-in auto-docking capability.
“These contract wins mark the beginning of the resurgence in demand for our shipbuilding activities after more than a decade,” Chief Executive Officer Leong Seng Keat said, adding the group’s upskilling and technical capabilities helped it secure the work.
The company pointed to recent OPEC+ production increases and renewed investment appetite among oil majors as signals that offshore activity could remain supportive, bolstering demand for newbuild OSVs as the global fleet, averaging 15–16 years of age, approaches a replacement cycle.
Nam Cheong, founded in 1968, describes itself as Malaysia’s largest OSV builder and a global offshore marine group specialising in building and chartering OSVs.
The company said it has delivered more than 150 vessels since 2007 and operates a chartering fleet of 36 vessels.
Business News Asia
