Nam Cheong bags long-term contract for seven vessels

Malaysia-based offshore marine group Nam Cheong has secured multi-year offshore support vessel charter contracts from leading regional oil majors worth up to RM317.1m ($72m).

The agreements cover seven anchor handling tug supply (AHTS) vessels, which will be deployed in Malaysian and Thai waters in 2025 for up to two years with options to extend.

The group now has 21 vessels under long-term charter, representing about 56.8% of its total fleet.

The Singapore-listed company said this is in line with its target to increase the proportion of vessels under long-term contracts to 70%.