Nam Cheong, the struggling Malaysian offshore vessel shipbuilder, has confirmed the departure of its chief financial officer.
The Singapore-listed company said David Ting Kan Soon had tendered his resignation and will be going to work for another listed company.
“The board wishes to record its appreciation to Mr Ting for his efforts and contributions during his tenure as chief financial officer,” Nam Cheong said.
At the same time, the company announced that Tiong Chiong Hiiung had been appointed as the new finance director of the company.
He will be responsible for the overall financial accounting and treasury matters, according to a disclosure to the Singapore Exchange.
Tiong is the son of Nam Cheong executive chairman Tiong Su Kouk and also the brother-in-law of the company’s chief executive Leong Seng Keat.
In early December Nam Cheong saw the second of two major contracts from compatriot company Perdana Petroleum cancelled.
The loss of the contract for the 500-man accommodation work barge means the Malaysian shipbuilder has now lost contracts worth $84m.
Perdana said in a statement that Nam Cheong has not “fulfilled the condition of delivery of the vessel in accordance with the terms and conditions of the contract”.
It terminated the first order in March 2016 citing the lack of potential charters and the need to avoid incurring additional operating and finance costs.
Nam Cheong has not secured a newbuilding contract in two years, according to analysts at Singapore bank OCBC, who described the company’s outlook as “dim”.
