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>


<< Nov 2015 >>
26 27 28 29 30 31 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 1 2 3 4 5 6

Salvage Law & Practice Seminar

Salvage Law & Practice at a glance:
Lloyd’s Open Form – contract design, administration and recent cases
special compensation awards…

read more >

CWC Sixteenth World LNG Summit & Awards Gala Dinner

The summit will provide a perfect opportunity to understand how key players are responding to the price fluctuations and what the outlook…

read more >

International WorkBoat Show

The event offers considerable opportunities to participating business houses to strengthen their business networks, and get familiar with…

read more >

Marintec China 2015, Shanghai, China


Facts & Figures of Marintec China:
• The exhibition spread over 70,000 square metres in Shanghai New International Expo Centre
• Over 1,700 exhibiting companies were participating in the event
• 57,888 quality trade visitors from 88 countries/regions
• 16 national & regional pavilions from Austria, China, Denmark, Finland, France, Germany, Hong Kong SAR, Japan, Korea, the Netherlands, Norway, Singapore, Sweden, Taiwan region, the United States and the United Kingdom were organised

About Marintec China

Marintec China 2015 will be held on 1-4 December 2015 in Shanghai. With increasing worldwide recognition and reputation throughout the past three decades, the exhibition is attracting an increasing number of high-profile exhibitors and visitors from around the world.

Regarded as the only gateway to the Asian maritime market, Marinetech China has become larger than ever! Being the most recognized maritime trade show in Asia, Marintec China is definitely an international marketplace for buyers to source from international sellers showcasing their latest marine, ship design, offshore engineering and port technology.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. Marintec China 2013 has broken all the previous records attracting more than 1,700 exhibiting companies from 32 countries /regions and 16 group pavilions, making it the most international and authorised industry event in Asia. Taking place once every two years, Marintec China 2015 edition is a unique opportunity for suppliers to connect with new customers and re-connect with existing contacts from the region, and final one to present new products and services to the trade visitors and experts from all parts of the world.

Visit Marintec China 2015 website for more details

read more >