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Coastal Contracts secures RM178m vessels' sales
by Cals Fri 28 Mar 2014, 19:17
| Coastal Contracts secures RM178m vessels' sales |
| Business & Markets 2014 |
| Written by Jeffrey Tan of theedgemalaysia.com |
| Friday, 28 March 2014 18:44 |
KUALA LUMPUR (Mar 28): Coastal Contracts Bhd has secured contracts worth RM178 million for sales of three units of offshore support vessels and two units of low-end vessels.
In an announcement to the stock exchange, the shipbuilder said its wholly-owned subsidiaries Coastal Offshore (Labuan) Pte Ltd, Thaumas Marine Ltd and Pleasant Engineering Sdn Bhd, had collectively secured contracts for sales of the above-mentioned vessels.
The vessels are expected to be delivered this year and next year.
“With the securing of these latest sales, the total value of the group’s vessel sales order book stands at approximately RM1.2 billion,” said Coastal Contracts.
“Consequently, 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, 2014 and Dec 31, 2015,” it said.
Coastal’s Executive Chairman Ng Chin Heng was also optimistic the shipbuilder would successfully clinched a contract for its maiden jack-up rig, scheduled for delivery in the third quarter this year.
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