Coastal Contracts Wins $52M Deals to Build AHTS, Subsea Vessels

Malaysia's Coastal Contracts Bhd reported that its wholly-owned subsidiary, Thaumas Marine Ltd has clinched contracts for the sale of one unit Anchor Handling Tug Supply (AHTS) and one unit Subsea Support/Maintenance Vessel for a total of approximately $52.2 million (MYR 170 million).

The sales of these two vessels, which are scheduled for delivery before the end of 2014, bring the firm's cumulative vessel sales order to approximately $368.5 million (MYR 1.2 billion).

“Following our first and second order book intakes for 2013, I am pleased to announce that Coastal Group has bagged another vessel sales orders amounting $52.2 million (MYR 170 million). Including these new deals, Coastal Group has managed to clinch vessel sales orders totalling $307.1 million (MYR 1 billion) in 2013 alone. Cumulatively, the value of Coastal Group’s outstanding vessel sales order book has reached approximately $368.5 million (MYR 1.2 billion). This will further underpin the Group’s growth momentum as well as earnings visibility for the next one to two years," Ng Chin Heng, the executive chairman of Coastal said in a press release.

In late July, the company's units, Coastal Offshore (Labuan) Pte Ltd and Thaumas Marine Ltd have collectively secured contracts for the sale of five AHTS vessels, one 300 Men Accommodation Work Barge and one unit 85 meter Subsea Support/Maintenance Vessel for an aggregate value of approximately $132 million (MYR 425 million).

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