Malaysian offshore support vessel (OSV) provider Nam Cheong has secured additional charter contracts valued at up to $47.5 million.
The contracts cover three OSVs, including an anchor handling tug supply (AHTS) vessel and fast crew boats. The charters will commence in 2025 for periods of up to two years, with extension options.
Two of the vessels will be chartered to Marine Operations for Environmental Services (SAIL) in the Middle East to support environmental preservation projects. SAIL is a subsidiary of Saudi Arabia's Public Investment Fund. The remaining vessel will be chartered to an unnamed offshore wind farm contractor in Japan.
The company stated that with these charters, 63 per cent of its fleet is now under long-term contracts, moving toward a strategic target of 70 per cent.
Leong Seng Keat, Nam Cheong's Chief Executive Officer, said the company is expanding into offshore "renewables" and environmental services while maintaining a strong presence in its core energy markets such as oil and gas to maximise fleet utilisation.