Nam Cheong, an offshore support vessel (OSV) provider based in Sarawak, Malaysia, has entered into a sales agreement with an established Vietnam-headquartered offshore and marine group for a 4,000 DWT PSV. The vessel is due to be delivered in December 2025, and the sale is expected to contribute positively to the Group’s earnings for the financial year ending 2025.
Net proceeds will be mainly redeployed to support the Group’s shipbuilding activities—either to support external sales or to fund fleet expansion to build a recurring income base—depending on prevailing opportunities. The transaction also sits within Nam Cheong’s fleet re-profiling programme, which focuses on divesting relatively ageing units at favourable timing and pricing while recycling capital into in-house shipbuilding operations.
The Group highlighted an industry backdrop of increasingly mature OSV fleets. It noted that major owners, including Tidewater, Bourbon, and COSL, operate fleets with an average age of about 14–15 years, while the regional OSV average in Southeast Asia is around 16.5 years. As stricter safety and efficiency requirements continue to be implemented, many OSVs may face retirement or costly upgrades.
Commenting on the deal, Leong Seng Keat, Chief Executive Officer of Nam Cheong, said the company’s shipbuilding track record and established global client base help it identify and monetise vessel opportunities. At the same time, its in-house capabilities provide flexible supply to support vessel sales or fleet growth when market openings arise.
