Nam Cheong, the Malaysian-based Offshore Support Vessel (OSV) shipbuilder that focuses on the construction and engineering of OSVs, reported an 8% increase in net profit to RM46.8 million ($19.3 million) for the three months ended September 30, 2011 (3Q 2011), from RM43.2 million in the corresponding period last year (3Q 2010).
Nam Cheong’s 3Q 2011 revenue increased year-on-year by RM77.8 million, or 45%, to RM251.5 million as compared to RM173.7 million in 3Q 2010. The increase was primarily a result of the eight vessel sales, which augmented the group’s shipbuilding revenue by 47% from RM163.6 million in 3Q 2010 to RM240.4 million in 3Q 2011. In addition, vessel chartering revenue increased by 10% from RM10.1 million in 3Q 2010 to RM11.1 million in 3Q 2011.
Nam Cheong says it expects to see a continuing demand for AHTS vessels, PSVs and other offshore equipment. As offshore service providers replace older vessels with new and higher specification vessels, the demand for small size AHTS vessels remains strong. New businesses relating to top side maintenance, hook up and commissioning, and exploitation of reserves from marginal fields have also created new opportunities for the group.
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