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    Coastal Contracts secures numerous vessel sales

    Vessel & ROV News // July 29, 2013

    Coastal Contracts Bhd has announced that its wholly-owned subsidiaries Coastal Offshore (Labuan) Pte Ltd and Thaumas Marine Ltd have collectively secured contracts for the sale of five units anchor handlers, a 300-man accommodation work barge and a 85m subsea support/maintenance vessel for an aggregate value of approximately RM425 million.

    Among the seven units sold by Coastal Group, five vessels were sold to new customers from southeast Asia and Africa, and two vessels were sold to regular customers. The vessels are scheduled for delivery during 2013 and 2014. The revenue stream from them is expected to contribute positively to the top and bottom line performance of the group for the financial years ending 31 December 2013 and 31 December 2014. As of to date, Coastal Group has approximately RM1 billion worth of vessel sales orders awaiting delivery to customers up to 2014.

    Mr Ng Chin Heng, the Executive Chairman of Coastal, commented: “Following our recent order book intakes of RM434 million in April 2013, we are glad to secure another major win within a short period of time. These latest contracts will significantly replenish our vessel sales order book, which have surpassed RM1 billion.

    "We are pleased that Coastal Group was able to capitalise the recovery in the OSV sector by securing these contract wins from existing as well as new customers. We see this as a positive development and we are looking forward to capitalise more contract inflows."

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