Malaysia-based offshore marine group Nam Cheong has secured OSV charter contracts of up to RM102.5m ($25.8m). The contracts comprise one anchor-handling tug supply (AHTS) vessel and one maintenance work vessel, to be chartered for a firm period of up to two years, commencing in 2026, with options for an additional one-year extension. The AHTS vessel has been chartered to CNOOC subsidiary, COOEC, and commenced operations in the first quarter of 2026. The maintenance work vessel is chartered to an unnamed regional independent oil producer and is expected to commence operations in the early part of the second quarter of 2026. Both vessels will support offshore oil and gas activities in Southeast Asia. With these two long-term charters, 25 out of the company’s 36-vessel fleet are now under long-term charters, raising the fleet’s long-term charter coverage to 69%. Nam Cheong expects vessel utilisation to improve in 2026, supported by the commencement of more long-term charters. “Our average vessel age now stands at nine years, lower than the market average, which provides a long runway. These contract wins bring us close to our target of 70% long-term charter coverage, which provides a good balance between earnings stability and room to capture upsides in the spot market,” said Leong Seng Keat, CEO of Nam Cheong. According to the company, offshore activity in Malaysia remains robust as energy security becomes paramount, with Petronas aiming to sustain domestic production at approximately 2m boe per day through 2028. Across Southeast Asia, OSV supply remains tight, driven by an ageing fleet and minimal newbuild activity, which supports charter rates. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsChina Malaysia