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Coastal Contracts secures RM170m worth of vessel sales
by Cals Tue 13 Aug 2013, 01:42
Coastal Contracts secures RM170m worth of vessel sales
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Monday, 12 August 2013 18:36
KUALA LUMPUR (August 12): Ship builder COASTAL CONTRACTS BHD [] has secured the sale of two marine vessels with a collective value of some RM170 million.
In a statement to the exchange today, Coastal Contracts said the firm via its wholly-owned subsidiary Thaumas Marine Ltd has secured contracts for the sale of an anchor handling tug supply vessel and a subsea support / maintenance vessel.
"These vessels are scheduled for delivery up to 2014," Coastal Contracts
executive chairman Ng Chin Heng said.
The sale of these vessels is expected to contribute positively to the top and bottom line performance of the group for financial years ending December 31, 2013 and 2014.
As of to date, the Group has approximately RM1.2 billion worth of vessel orders for delivery up to 2014.
The offshore support vessel (OSV) market will be closely watched. According to Ng, Coastal Contracts is positive about the steady growth of the OSV segment considering that it is a "moderately developing market".
He said there are no substitutes at the moment for OSVs which form a crucial component in upstream oil and gas operations.
Looking ahead, Ng is confident in Coastal Contracts ability in building a right mix of purpose-driven OSV for customers.
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Monday, 12 August 2013 18:36
KUALA LUMPUR (August 12): Ship builder COASTAL CONTRACTS BHD [] has secured the sale of two marine vessels with a collective value of some RM170 million.
In a statement to the exchange today, Coastal Contracts said the firm via its wholly-owned subsidiary Thaumas Marine Ltd has secured contracts for the sale of an anchor handling tug supply vessel and a subsea support / maintenance vessel.
"These vessels are scheduled for delivery up to 2014," Coastal Contracts
executive chairman Ng Chin Heng said.
The sale of these vessels is expected to contribute positively to the top and bottom line performance of the group for financial years ending December 31, 2013 and 2014.
As of to date, the Group has approximately RM1.2 billion worth of vessel orders for delivery up to 2014.
The offshore support vessel (OSV) market will be closely watched. According to Ng, Coastal Contracts is positive about the steady growth of the OSV segment considering that it is a "moderately developing market".
He said there are no substitutes at the moment for OSVs which form a crucial component in upstream oil and gas operations.
Looking ahead, Ng is confident in Coastal Contracts ability in building a right mix of purpose-driven OSV for customers.
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