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    New contracts for Malaysia's Coastal Contracts

    Yard News // March 2, 2016

    Coastal Contracts Bhd in Malaysia has announced that its wholly-owned subsidiaries, Coastal Offshore (Labuan) Pte Ltd and Thaumas Marine Ltd have collectively secured contracts for the sales of three offshore support vessels and five other vessels for an aggregate value of approximately RM185 million.

    As of tday'so date, the group’s orderbook is approximately RM2.77 billion. Of this, the vessel sales orderbook constitutes RM1.21 billion. The balance of the company's orderbook comprised RM1.56 billion for the group’s first jack-up gas compression service unit charter contract for Petroleos Mexicanos. All of the vessels are due to be delivered in 2016.

    Ng Chin Heng, the company's Executive Chairman, said: "I am glad to announce that Coastal Group has secured its third batch of vessel sales orders for its new financial period ending 30 June 2016. These latest contracts win will strengthen our war chest in such a lacklustre market."

     

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