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An announcement from Nam Cheong Limited ( (SG:1MZ) ) is now available.
Nam Cheong Limited has sold two offshore support vessels for a total of US$36.7 million to an Indonesian vessel operator and a government-linked operator in Egypt, including its first newbuild multi-purpose support vessel sale in more than a decade and a 16-year-old 120-tonne anchor handling tug supply vessel. The deals, completed with vessel deliveries in the second quarter of 2026, form part of a fleet reprofiling strategy aimed at divesting ageing assets at favourable prices while recycling capital into shipbuilding for external sales or expanding its charter fleet to strengthen recurring income amid tightening global OSV supply and rising offshore activity.
Management said its long-established OSV shipbuilding capabilities and global customer base are enabling the group to monetise both newbuilds and older tonnage as demand for modern vessels improves. The company views the latest newbuild sale, which follows the award of its first four-vessel shipbuilding contract in more than a decade earlier this year, as further confirmation of recovering shipbuilding demand as offshore engineering and installation spending is projected to climb and an ageing global OSV fleet constrains available supply.
The most recent analyst rating on (SG:1MZ) stock is a Buy with a S$1.60 price target. To see the full list of analyst forecasts on Nam Cheong Limited stock, see the SG:1MZ Stock Forecast page.
More about Nam Cheong Limited
Nam Cheong Limited is a Sarawak, Malaysia-based offshore marine group specialising in building and chartering offshore support vessels for the oil and gas exploration and production and oil services industries. The company is Malaysia’s largest OSV builder, operates one of the country’s biggest OSV shipyards, and has delivered more than 150 vessels to clients across Southeast Asia, the Middle East, West Africa, Latin America, Europe and the United States. Nam Cheong is also expanding its chartering operations with a fleet of 35 vessels and has been listed on the Singapore Exchange since 2011.
Average Trading Volume: 3,221,651
Technical Sentiment Signal: Hold
Current Market Cap: S$601.4M
For detailed information about 1MZ stock, go to TipRanks’ Stock Analysis page.