Malaysia-based offshore marine group Nam Cheong has sold one of its platform supply vessels to an undisclosed Indonesian customer. The company sold an 11-year-old PSV for $19.8m. The buyer bought the 3,000 dwt vessel for immediate deployment to support ongoing operations. The delivery is expected to be completed in the first quarter of 2026, and the net proceeds will be allocated to debt repayment and working capital needs. The vessel sale is part of Nam Cheong’s fleet reprofiling initiatives and is expected to contribute positively to the company’s earnings for the financial year ending 2026. The transaction aligns with the pickup in offshore activities in Indonesia, where investments in upstream oil and gas reached a decade-high of $7.19bn in the first half of 2025, up 28.6% year over year. Following the vessel sale, Nam Cheong will manage a total of 36 OSVs with an average vessel age of nine years. “The relatively young fleet provides the group with a long runway to generate recurring income from charter contracts, or monetisation at opportune times to advance capital recycling,” the company said. Nam Cheong recently sold the 2016-built SK Prime platform supply vessel to PetroVietnam Technical Services Corporation, a subsidiary of PetroVietnam, for $20.5m. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsIndonesia Malaysia