Malaysian offshore support vessel (OSV) provider Nam Cheong has secured new charter contracts worth up to RM204.1 million (US$47.5 million), expanding its fleet’s role beyond oil and gas into offshore renewables and marine environmental services.
The new agreements cover three vessels — a mix of anchor-handling tug supply vessels and fast crew boats — which will be chartered for up to two years, starting in 2025, with options for extension.
Nam Cheong said the latest contract wins increase the number of vessels on long-term charters to 24, representing 63% of its fleet, and bringing the company closer to its 70% fleet utilisation target.
“While oil and gas remains a core market for us, we are seeing growing potential in offshore renewables and marine environmental services,” said CEO Leong Seng Keat.
“Our target of having 70% of the fleet on long-term contracts not only provides earnings stability but also gives us flexibility to pursue attractive opportunities in evolving markets.”
Of the three newly chartered vessels:
- Two will support marine environmental preservation projects in the Middle East under a charter with Saudi company SAIL.
- One will be deployed to Japan for an offshore wind farm project.
Nam Cheong said its successful entry into green offshore services demonstrates the versatility and adaptability of its fleet to serve a range of industries.
“Our expansion into Middle Eastern and Japanese waters reflects a strategic move to diversify geographical exposure and reduce concentration risk,” the company added.
The company emphasized that this diversification strengthens the resilience of its operations, helping it navigate global market volatility and macroeconomic uncertainty.
 provider Nam Cheong has secured new charter contracts worth up to RM204.1){kind=link}