Coastal announced that its wholly-owned subsidiaries have secured contracts for the sale of seven units Offshore Support Vessels and two units Oil Barges for an aggregate value of approximately RM434 million (approx. USD 142 million).
Including the new contracts and after adjusting for revenue recognition from vessels delivered to buyers up to 23 April 2013, Coastal Group has about RM720 million (approx. USD 236 million) worth of vessels sales orders awaiting delivery to customers up to 2014.
The revenue stream from the latest contracts is expected to contribute positively to the earnings per share and net assets per share of Coastal Group for the financial years ending 31 December 2013 and 31 December 2014.
[mappress] Coastal Contracts, April 24, 2013