Coastal Contracts Sells Two Offshore Vessels for $52 Mln

Malaysia’s Coastal Contracts has secured contracts for the sale of one unit Anchor Handling Tug Supply and one unit Subsea Support/Maintenance Vessel for an aggregate value of approximately RM170 million (USD 52 million).

Including the new contracts and after adjusting for revenue recognition from vessels delivered to buyers up to 12 August 2013, Coastal Group has about RM1.2 billion (USD 368.7 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.