Coastal wins contracts worth $34M

Coastal Contracts Bhd, a Malaysia-based provider of marine products and services to the shipping and oil and gas industries, has announced that its subsidiaries have collectively secured contracts worth approximately RM130 million ($34.01 million). 

According to the company’s Bursa Malaysia filing, the contracts are for the sales of two units of offshore support vessels and six units of low-end vessels. Coastal Contracts did not reveal the name of the buyers.

Including the new contracts and after adjusting for revenue recognition from vessels delivered to buyers up to July 24, 2015, Coastal Group has about RM1.97 billion ($515 million) worth of cumulative sales orders awaiting delivery to customers up to 2017.

The company noted that 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 December 31, 2015.

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