Offshore staff

KUCHING, Sarawak, Malaysia -- Miri-based Nam Cheong Dockyard Sdn. Bhd. aims for 40% earnings from overseas projects by 2010, citing strong demand from the replacement market and increased activities in deepwater exploration for offshore supply vessels (OSVs). Foreign earnings stand at 20% now, the company says.

Leong Seng Keat, Nam Cheong's executive director, expects the company to replace 2,000 anchor handling tugs that are more than 20 years old. Deepwater development has created a new demand for OSVs, he said.

Nam Cheong, which built its first OSV in 1987, plans to invest in more technology to equip its vessels.

The Borneo yard is capable of handling eight vessels at one time, the company says.

7/16/2007