Coastal Contracts Lands $132M Deals for 7 Vessels
Malaysia-based Coastal Contracts Bhd (Coastal or Company, and together with its subsidiaries Coastal Group or Group) reported that its wholly-owned subsidiaries, Coastal Offshore (Labuan) Pte Ltd and Thaumas Marine Ltd have collectively secured contracts for the sale of 5 units Anchor Handling Tug Supply (AHTS), 1 unit 300 Men Accommodation Work Barge and 1 unit 85 meter Subsea Support/Maintenance Vessel for an aggregate value of approximately $132 million (MYR 425 million).
Among the 7 Offshore Support Vessels (OSV) sold by Coastal Group, 5 vessels were sold to new customers from South East Asia and Africa, whereas 2 vessels were sold to regular customers.
The 85 meter Subsea Support/Maintenance Vessel is one of the high-end product of the Group, which is specifically designed to transport liquid cargo and equipment, move men and materials between platforms, and for external fire fighting as well.
The 300 Men Accommodation Work Barge is designed to accommodate up to 300 work personnel and crew in the offshore work site. One of its main functions is to provide a better workplace to the offshore workmen.
These vessels are scheduled for delivery during 2013 and 2014. The revenue stream from these vessels is expected to contribute positively to the top and bottom line performance of the Group for the financial years ending Dec. 31, 2103 and Dec. 31, 2014. As of to date, Coastal Group has approximately $310.8 million (MYR 1 billion) worth of vessel sales orders awaiting delivery to customers up to 2014.
Ng Chin Heng, executive chairman of Coastal, commented:
“Following our recent order book intakes of $134.9 million (MYR 434 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 $310.8 million (MYR 1 billion).
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