Nam Cheong Limited has signed a sales agreement to divest an 11-year-old 3,000 DWT platform supply vessel (PSV) for $19.8 million to an Indonesian customer, with delivery expected to be completed in 1Q2026.
The vessel is intended for immediate deployment in Indonesia, in line with the pickup in offshore activities where upstream oil and gas investments reached a decade-high in 1H2025.
The transaction is part of the Group’s fleet reprofiling and capital recycling initiatives and is expected to contribute positively to earnings for FY2026. Net proceeds will be allocated toward accelerating debt repayment and funding working capital needs, supporting balance sheet resilience.
Following the sale, Nam Cheong Limited will manage a fleet of 36 OSVs with an average vessel age of nine years. The Group said it retains the flexibility to generate recurring income through chartering or to monetise assets opportunistically in line with market conditions.
As offshore activity continues to recover across the region, Nam Cheong Limited remains focused on disciplined capital management, operational readiness, and delivering long-term value for stakeholders.
