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Publish Date : 24-Aug-2012

Shares of Singapore-listed Nam Cheong Ltd rose as much as 2.7 per cent after the offshore marine group won sales contracts for three vessels worth US$43.8 million and DBS Vickers maintained its \'buy\' rating on the stock.

In early trading, Nam Cheong shares were up 2.2 per cent at S$0.187 with 4.8 million shares traded, 1.5 times the average full-day volume over the past 30 days. Nam Cheong was among the top 20 traded stocks by volume in the Singapore market.

The latest contracts are expected to contribute positively to its earnings for the financial years ending 2012 and 2013, Nam Cheong said, adding that its order book stood at around 912 million ringgit (US$291.2 million).

Two anchor handling towing supply vessels were sold to repeat customers, while the sale of a platform supply vessel marks the penetration of a new offshore oil and gas market for Nam Cheong and expands its future geographic scope, DBS said.

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