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    Coastal secures sales contracts for trio of vessels

    Yard News // June 23, 2014

    Coastal Contracts Bhd†together with its subsidiaries Coastal Group†has†announced that its wholly-owned subsidiaries, Coastal Offshore (Labuan) Pte Ltd and Thaumas Marine Ltd have secured contracts for the sale of three offshore support vessels†and three†tugboats for an aggregate value of approximately RM180 million.

    The contracts have further strengthened the groupís already sizeable orderbook to RM2.4 billion. Of this, the vessels sales orderbook constitutes RM1.2 billion. The balance orderbook comprises RM1.2 billion for the groupís first jack-up gas compression service unit charter contract for Pemex.

    All of the vessels are expected to be delivered in 2014 and 2015.

    Ng Chin Heng,†Executive Chairman of Coastal, said: "Following the strong rebound in momentum at the groupís shipbuilding arm in FY2013, I am pleased to announce that we†have secured vessel sales orders with an aggregate value of approximately RM180 million.

    "As of to date, the cumulative vessel sales orderbook is†at RM1.2 billion, which is significantly higher than the orderbook as at 30 June 2013, which amounted RM676 million only. This indicates steady replenishment of the groupís vessel sales orders in the current buoyant offshore market."

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