Home' Baird Maritime : August 2011 Contents Headquartered in the Malaysian capital Kuala Lumpur, Nam
Cheong is a leading global offshore marine group specialising
in the building of offshore support vessels (OSVs).
Since its establishment in 1968, building only fishing vessels,
the company has been building OSVs for over 20 years and now
owns and operates one of the largest shipbuilding yards for OSVs
Nam Cheong specialises in complex, sophisticated and
environmentally friendly OSVs, including safety standby vessels
(SSVs), anchor-handling tug/supply (AHTS), and accommodation
barges and workboats. Vessels are built on either a build-to-order or
build-to-stock basis. The company's international clients come
from across South-East Asia, as well as the USA, India, China and
In 2007 the company was the first Malaysian shipbuilder to
complete a dynamic positioning 2 (DP2) equipped vessel, when it
delivered 'Armada Tuah 100' to Bumi Armada Berhad, two months
ahead of schedule. Datuk Tiong Su Kouk, executive chairman and
CEO of Nam Cheong attributes the company's success to focusing
on building vessels for the oil and gas industry using the latest
technology and innovation.
"We confidently believe that we are a pioneer and own and
operate one of the largest shipbuilding yards for offshore support
vessels in Malaysia," he says. "We aspire to move into the next
phase of growth to capture a bigger market share of the fast
growing offshore oil and gas industry."
Nam Cheong is able to deliver up to twelve vessels per year
(depending on their size and complexity) from its 126,000 square
metre Miri shipyard, located in Kuala Baram, Sarawak. A key
component of the company's strategy is to expand the Miri yard.
However, amid growing demand for its vessels in recent years, the
company has also begun outsourcing the construction of vessels to
selected shipyards in China, mainly in Fujian province. Nam
Cheong currently has twenty vessels under its shipbuilding
programme. It has delivered more than sixty OSVs since 2007.
Nam Cheong's shipbuilding business, which makes up over 90
percent of its revenues, is complemented by its vessel-chartering
arm, which began operations in 2007. Nam Cheong currently has a
fleet of ten vessels, comprising seven SSVs, one AHTS and two
landing craft. It offers bareboat and time charters for periods of up
to five years. The company has plans to expand its chartering
operation as part of a strategy to mitigate the cyclical,
project-based nature of the shipbuilding industry.
Nam Cheong aims to grow its business by capitalising on what
it sees as a favourable outlook for the shipbuilding industry as the
Malaysian and the global economies recover. With emerging
markets driving strong growth in oil demand, an expected increase
in economic activities and international trade is forecast to drive
demand for new vessels, including replacements for older vessels.
In the OSV sector, Nam Cheong believes that improving
sentiments will lead to a tightening of the global supply of OSVs,
fuelling demand for new vessels.
For further information contact:
Nam Cheong, Malaysia.
PH: +603 2283 1377, FX: +603 2283 5377,
FOCUS ON MALAYSIA
August 2011 BAIRD MARITIME
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