Nam Cheong Limited, a leading offshore support vessel provider based in Sarawak, Malaysia, has announced the sale of a 3,000 deadweight tonne platform support vessel to an Indonesian customer for $19.8m. The 11-year-old vessel is set for immediate deployment, aligning with Indonesia’s surge in oil and gas investments, which reached a decade-high of $7.19b in the first half of 2025.
The transaction is part of Nam Cheong’s fleet reprofiling strategy and is expected to positively impact the company’s earnings for the financial year ending 2026. The sale proceeds will be used to accelerate debt repayment and support working capital needs. The vessel delivery is anticipated to conclude in the first quarter of 2026.
Nam Cheong’s CEO, Leong Seng Keat, highlighted the strategic benefits of the sale, stating, “We have the optionality to generate recurring income through the monetisation of our older vessels via ship sales or continue to generate revenue with our chartering services.”
Following this sale, Nam Cheong will manage a fleet of 36 offshore support vessels with an average age of nine years. This relatively young fleet positions the company to capitalise on charter contracts and potential future sales. The global offshore support vessel market, valued at $4.73b in 2024, is projected to grow at a 7.5% compound annual growth rate, reaching $9.75b by 2034.
The sale underscores Nam Cheong’s dual-pronged strategy to enhance growth momentum and unlock shareholder value through its complementary chartering and shipbuilding businesses.
