Coastal Contracts Sells 4 Vessels for $45 Mln (Malaysia)

Coastal Contracts Sells 4 Vessels for $45 Mln (Malaysia)

Malaysia’s Coastal Contracts has secured contracts for the sale of an Accommodation Work Barge, an Anchor Handling Tug Supply vessel and two low-end vessels for a total value of RM141 million ($45.1 million).

All the vessels, except for the AHTS, have been sold to new clients from Singapore.

We are pleased to have the opportunity to enter business relationships with our new customers through the sale of one unit 300-man accommodation work barge and two units tugboat. We would like to thank to our new customers for selecting us as their business partner,” Ng Chin Heng, executive chairman of Coastal said in a statement given to The Star Online.

Coastal Group, founded in 1976, is focused on various marine sectors such as shipbuilding, ship chartering, repair & maintenance and trading of marine support vessels, offshore oil & gas industry, mining sector, commodities sector, marine traders and navy.

Including the new contracts and after adjusting for revenue recognition from vessels delivered to buyers in the second quarter, Coastal Group has about RM711 million worth of vessels sales orders awaiting delivery to customers up to 2013.

Offshore Energy Today Staff, August 14, 2012