Coastal Contracts secures RM425m contracts for 7 vessels

KUALA LUMPUR: Coastal Contracts Bhd has secured orders for seven offshore support vessels (OSVs) with a total value of RM425mil and pushing its sales orders to RM1bil.

It said on Friday the orders were for five anchor handling tug supply ships, a work barge that would be able to accommodate 300 men,  a 85-metre subsea support/maintenance vessel maintenance vessel.

Coastal Contracts said of the seven OSVs, five vessels were sold to new customers from Southeast Asia and Africa, whereas two vessels were sold to regular customers.

It pointed out the subsea support/maintenance vessel was one of its high-end product which was specifically designed to transport liquid cargo and equipment, move men and materials between platforms, and for external fire fighting as well.

"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 bottomline performance of the group for the financial years ending Dec 31, 2013 and Dec 31, 2014.

"As of to date, Coastal Group has approximately RM1bil worth of vessel sales orders awaiting delivery to customers up to 2014," it said.

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