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>

<< Dec 2017 >>
MTWTFSS
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

Maritime Reconnaissance and Surveillance Technology

Over the past few years, maritime intelligence gathering and ISR capabilities have returned to the forefront of the defence industry…

read more >

BWMTech

Clarify regulations. Plan BWMS integration. Prevent operational failure…

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >