Nam Cheong Sells Platform Support Vessel for $20 Million; Shares Surge 9%

MT Newswires

01/27

Nam Cheong (SGX:1MZ) agreed to sell a 3,000 deadweight tonnage platform support vessel to an Indonesian customer for $19.8 million, according to a Monday filing with the Singapore Exchange.

Shares of the offshore marine company surged over 9% in Tuesday's trading.

The sale is part of the company's fleet reprofiling initiatives, with proceeds to be used for debt repayment and working capital.

Following the transaction, the company will have a total of 36 offshore support vessels with an average vessel age of nine years.

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