Nam Cheong says wholly-owned subsidiary Nam Cheong International has secured contracts worth a total of US$38 million ($46 million) for the construction and sale of three units of the nine Anchor Handling Towing Supply vessels that are currently being built for stock.
The vessels are new orders secured from Sentinel Marine, a Singapore incorporated company that provides ship management and chartering services, and are expected to be progressively completed between the second quarter 2012 to the fourth quarter 2012.
Revenue from these contracts will be recognised over the respective contractual period in accordance with the group’s revenue recognition policy. These contracts are expected to contribute positively to the earnings of the group for the financial years ending 2011 and 2012.
With these latest contracts, Nam Cheong’s order book has increased to 11 vessels, with total contract value of RM644 million ($261 million).
Of these, six vessels are scheduled for delivery in the second half of this year and five will be delivered in 2012.
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