Malaysia: Coastal Group to deliver 10 offshore vessels

Yard News - July 10, 2012

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Coastal Group and its subsidiaries have announced 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 vessels and two units low-end vessels for an aggregate value of approximately RM446 million.

Among the ten OSV sales secured by Coastal Group, six are anchor handlers and are being sold to a repeat customer in the Middle East.

In addition, to the six AHTS are four utility support vessels and maintenance/support vessels sold to another repeat 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 the performance 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 sales awaiting delivery to customers up to 2013.

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