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Coastal Contracts sells RM425m worth of marine vessels
by Cals Sat 27 Jul 2013, 01:37
Coastal Contracts sells RM425m worth of marine vessels
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Friday, 26 July 2013 18:20
KUALA LUMPUR (July 26): Ship builder COASTAL CONTRACTS BHD [] has secured orders for seven offshore support vessels (OSV) with an estimated combined value of RM425 million.
In a statement to Bursa Malaysia today, Coastal Contracts said the list comprises five units of anchor handling tug supply vessels, one unit of 300-men accommodation work barge and a subsea support/maintenance vessel.
"Among the seven OSVs sold by Coastal Group, five vessels were sold to new customers from South East Asia and Africa, whereas two vessels were sold to regular customers," Coastal Contracts said.
The firm said the vessels which will support oil and gas (O&G) operations, 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 31 December 2013 and 31 December 2014.
“We believe that the O&G industry will continue to provide opportunities within the OSV market," Coastal Contracts said.
As of to date, the group said it has some RM1 billion worth of vessel sales orders.
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Friday, 26 July 2013 18:20
KUALA LUMPUR (July 26): Ship builder COASTAL CONTRACTS BHD [] has secured orders for seven offshore support vessels (OSV) with an estimated combined value of RM425 million.
In a statement to Bursa Malaysia today, Coastal Contracts said the list comprises five units of anchor handling tug supply vessels, one unit of 300-men accommodation work barge and a subsea support/maintenance vessel.
"Among the seven OSVs sold by Coastal Group, five vessels were sold to new customers from South East Asia and Africa, whereas two vessels were sold to regular customers," Coastal Contracts said.
The firm said the vessels which will support oil and gas (O&G) operations, 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 31 December 2013 and 31 December 2014.
“We believe that the O&G industry will continue to provide opportunities within the OSV market," Coastal Contracts said.
As of to date, the group said it has some RM1 billion worth of vessel sales orders.
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