Petra Endeavor

Nam Cheong Gains $59 Million Accommodation Work Barge Order from Petra Perdana

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September 14, 2012

Petra Endeavor, a 100m, ABS-classed AWB built by Nam Cheong in 2009

In early September, Nam Cheong Limited, Malaysia’s largest Offshore Support Vessel shipbuilder announced that it had won two contracts for the construction of two Accommodation Work Barges worth a total of US$59.0 million to Perdana Petroleum Berhad (Petra Perdana), an established, offshore marine services provider in Malaysia and the Southeast Asian region.

With these contracts, Nam Cheong’s year-to-date order book has hit a high of RM1.06 billion in contract value, far surpassing last year’s figure of RM757 million. Sales of the two AWBs also represent the Group’s second collective win in quick succession, amounting to five vessels sold in less than two weeks.

Mr Leong Seng Keat, Nam Cheong’s Executive Director, commented on the deal: “Our winning season is reflective of the robust offshore marine industry in Malaysia spurred on primarily by Petronas’ expanded capital expenditure in exploration and production. Petronas, the country’s national oil company, has budgeted RM300 billion for 2011 to 2015. With the boom in the oil and gas industry, more of our Petronas-licensed customers are benefiting from higher utilization of their marine vessels. Perdana has been a valued, blue-chip customer of Nam Cheong for the past six years, and we are pleased to ride on this strong industry momentum with them.”

On August 22, 2012, Nam Cheong announced the sale of a Platform Supply Vessel to a new customer in West Africa and two Anchor Handling Towing Supply vessels, one of them to a Norwegian-based customer with ties to Petrobas, Brazil’s national oil company. The total value of these sales amounted to US$43.81 million.

Mr Leong added: “Aside from favourable industry developments, our stellar order book of more than RM1 billion is also a testimony to our strong fundamentals and sound strategies. We continue to see demand for new businesses relating to top side maintenance, hook up and commissioning of existing oil platforms within the Malay basin in the shallow water region. As such barges are in demand to serve the needs of the area’s oil platforms, many which are operated by Petronas, our AWBs could be deployed in this sphere.”

The AWBs, scheduled for delivery in the second quarter of 2013, are being built as part of Nam Cheong’s built-to-stock series in one of  their subcontracted yards in China. The 100 metre-long vessels will have the capacity to accommodate 300 men and will be equipped with an 8-point mooring system and a 300-tonne crane.

They are both ABS-classed vessels.



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