Malaysia: Coastal Group to deliver 10 offshore vessels

Yard News - July 10, 2012

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Coastal Groupandits subsidiarieshaveannounced that its wholly-owned subsidiaries Coastal Offshore (Labuan) Pte Ltd, Thaumas Marine Ltd and Pleasant Engineering Sdn Bhd, have collectively secured contracts for the sale of 10 offshore support vesselsand two units low-end vessels for an aggregate value of approximately RM446 million.

Among the ten OSV sales secured by Coastal Group, sixare anchor handlersand are being sold to a repeat customer in theMiddle East.

In addition,to the sixAHTS arefourutility support vesselsand maintenance/support vessels sold to anotherrepeat customer and two new customers.

All of the vessels are expected to be delivered in 2012 and 2013. The revenue stream from the vessels is expected to contribute positively to theperformance of the group for the financial years ending 31 December 2012 and 31 December 2013.

As of now, Coastal Group has approximately RM583 million worth of vessel salesawaiting delivery to customers up to 2013.

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