Malaysia: Coastal Contracts Announces Sale of Vessels

Malaysia - Coastal Contracts Announces Sale of Vessel

On September 20, 2012, Coastal Contracts Bhd announced that its wholly-owned subsidiaries, Coastal Offshore (Labuan) Pte Ltd and Thaumas Marine Ltd, have collectively secure contracts for the sale of two units Anchor Handling Tug Supply (“AHTS”) and one unit Subsea Support Vessel (“SSV”) for an aggregate value of approximately RM111 million.

SSV is designed to transport liquid cargo, stores, materials and equipment, move men and material between platforms and facilitates general subsea support, maintenance, transport and standby. She is capable of 24 hours/day continuous operation and remains on station for a minimum of 30 days and has excellent handling and manoeuvrability at all speeds under all conditions, making it an ideal candidate to carry out general subsea support tasks.

The SSV is sold to a new customer from United Arab Emirates whereas the two units AHTS are sold to one of our loyal customers from Indonesia.

All of these vessels are expected to be delivered in 2012 and 2013. 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 31 December 2012 and 31 December 2013. As of to date, Coastal Group has approximately RM743 million worth of vessel sales orders awaiting delivery to customers up to 2013.

Mr Ng Chin Heng, the Executive Chairman of Coastal, commented: “This is Coastal Group’s third major vessel sales win in relatively quick succession, following our previous major win of RM141 million announced last month. This is an encouraging milestone to accelerate our orderbook momentum after a setback in the early part of this year.

We are pleased to have the opportunity to enter into business relationships with our new customer through the sale of this Subsea Support Vessel. We would like to thank our new customer for selecting us as their business partner and look forward to delivering mutual benefits and value propositions to this new business partner.”

Source: Coastal Contracts, September 24, 2012

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2016 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

7th Annual International Port Security Conference

The SMi Group announces the 7th annual International Port Security Conference. The event will be held in London on the 1st and 2nd of June 2016.

The conference aims to bring together key decision makers in the industry to discuss modern methods of port security and provide effective learning experiences for all delegates through the carefully selected expert speaker line up.

Interacting with delegates from across the globe and hearing from industry leading experts will ensure delegates are up-to-date with high priority information that enables you to best secure your seaports, civilians and means of trade.

Topics to be discussed include terrorism, cyber terrorism, emergency intervention procedures, optimising technology use in security checks and case studies featuring some of the largest ports across the world. Our diverse range of topics will allow delegates to learn best practices for port security and understand further how other ports are resolving core challenges.

More info

read more >

Canada LNG Export Conference and Exhibition 2016

Following the tremendous success of DMG’s 3rd Annual Canada LNG Export Conference & Exhibition, those fundamental to the development of LNG…

read more >

ACI’s 6th Maritime Security Management Asia

The conference will address detailed risk management and planning strategies that can be put in place in accordance with major regulations…

read more >

2nd Annual Global Tax Optimisation for Shipping 2016

In this expert briefing, delegates will gain insights on recent updates, strategies and solutions for strategic as well as day-to-day tax challenges…

read more >