Coastal Contracts wins jobs worth RM170mil


PETALING JAYA: Coastal Contracts Bhd has secured contracts worth RM170mil, which will entail the sale of one unit anchor handling tug supply and one unit subsea support and maintenance vessel.

The shipbuilder said in its filing with Bursa Malaysia that including the new contracts, and after adjusting for revenue recognition from vessels delivered to buyers up to Aug 12, it has about RM1.2bil worth of vessels sales orders awaiting delivery to customers up to 2014.

“This will further underpin the group’s growth momentum as well as earnings visibility for the next one to two years,” said executive chairman Ng Chin Heng.

He is optimistic on future steady growth of offshore support vessel (OSV), given that it is a moderately developing market with no other substitutes currently available in the oil and gas upstream segment.

“With the stable recovery of the OSV market, Coastal group remains confident in its fundamental ability in building the right mix of purpose-driven OSV for customers.

“Moving forward, we will continue to bolster our building programme to leverage on the OSV supply-demand disequilibrium,” Ng said.

The contracts are expected to contribute positively to Coastal’s earnings per share and net assets per share for the financial years ending Dec 31, 2013 and 2014.

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