CNN Cap buys barge from S'porean firm

Nam Cheong Ltd's (NCL) wholly-owned unit, Nam Cheong International Ltd,
has sold a S$34.3 million (RM84 million) 300-man accommodation work
barge to CNN Capital (L) Bhd, a new Malaysian customer.

In a
statement today, NCL said the vessel would be used by CNN Capital's
sister firm, Saujana Marine Sdn Bhd, a Malaysian marine support services
group.

It said the contract would further boost NCL's order
wins this year to 13 vessels valued at S$309 million (RM757 million)
compared with last year's 10 vessels valued at S$206 million (RM505
million).

The latest vessel sale, which was scheduled for
delivery in the second quarter of 2012, would expand NCL's already
strong customer base, it said.





Executive chairman/chief executive officer, Datuk Tiong Su Kouk, said
the company's position as Malaysia’s largest offshore support vessel
(OSV) shipbuilder allowed it the opportunity to benefit from the
country’s robust oil and gas industry.

"We are still able to
clinch new deals with new customers despite the current market
volatility and global economic uncertainty," he said.

SGX Main
Board-listed NCL focuses on the construction and engineering of complex,
sophisticated and environmentally-friendly OSVs. -- Bernama