Malaysian offshore support vessel operator Nam Cheong has entered into a sales agreement with an offshore and marine group based in Vietnam to sell one 4,000 DWT platform supply vessel.
The vessel was sold for $20.5 million on December 24, 2025, and is due to be delivered to its new owner this month.
The company said the transaction is part of a fleet reprofiling initiative to divest older assets at current market prices.
Net proceeds will be used to support the shipbuilding activities and fleet expansion of the company.
Nam Cheong cited industry data indicating that the average age of offshore support vessels in Southeast Asia is approximately 16.5 years.
It noted that many regional vessels now require upgrades to meet newer safety and efficiency standards.
Nam Cheong CEO Leong Seng Keat said the company aims to use its in-house shipbuilding capabilities to provide a flexible supply of vessels for regional exploration and production projects.
He added that this strategy is intended to grow the recurring income base of the organisation.
The company stated the sale is expected to contribute to the earnings of the group for the 2025 financial year.