Malaysia-based Nam Cheong has secured offshore support vessel charter contracts valued at up to MYR102.5 million ($24 million). These agreements involve one anchor handling tug supply (AHTS) vessel and one maintenance work vessel for firm periods of up to two years starting in 2026.
Following the vessel’s charter to Offshore Oil Engineering, a subsidiary of China's CNOOC, operations for the AHTS commenced during the first quarter of 2026.
The maintenance work vessel, which is supporting an unnammed regional oil producer, is scheduled to begin operations in April or May 2026.
With these new contracts, the group said it has increased its long-term charter coverage for the 36-vessel fleet to 69 per cent.
Nam Cheong stated it anticipates vessel utilisation rates will rise during 2026 as more long-term charters commence.
Chief Executive Officer Leong Seng Keat said the contracts bring the group closer to its 70 per cent long-term charter coverage target. He remarked that the wins provide, “a good balance between earnings stability and room to capture upsides in the spot market.”
