Coastal Contracts Sells Four Vessels (Malaysia)

Coastal Contracts Sells Four Vessels (Malaysia)

Coastal announces that its wholly-owned subsidiaries have secured contracts for the sale of one unit 300 Men Accommodation Work Barge, one unit Anchor Handling Tug Supply and two units low-end vessels for an aggregate value of approximately RM141 million.

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.

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 2012 and 31 December 2013.

None of the directors and/or substantial shareholders of the Company and persons connected with them has any interest, direct or indirect, in the above transactions.


Source: Coastal, August 14, 2012