Coastal incorporates Virgin Islands subsidiary, CIM
Malaysia’s Coastal Contracts has incorporated a wholly-owned subsidiary in the British Virgin Islands known as Coastal International Marine Inc.
The issued and paid up capital of CIM is $50,000.00.
CIM is a company limited by shares and is registered under the BVI Business Companies Act 2004,Territory of the British Virgin Islands.
The principal activities of CIM are sale of offshore support and marine transportation vessels, provision of vessel chartering and marine related services.
The investment in CIM is financed through internally generated funds and it’s not expected to have any material effect on the earnings per share and net assets per share of COASTAL for the financial year ending 31 December 2014.
Coastal Contracts recently received media attention after securing a contract to provide a self-elevated jack-up unit with gas compression capabilities for Mexico’s Pemex. The sour gas compression plant will be unique in its kind, and will operate with a capacity of 200 mmcfd installed on the Jack-up which interconnect to Pemex’s offshore production facilities, located in the probe Campeche, providing the flexibility to relocate in different offshore facilities under Pemex’s operational strategies. The Jack-up will be a key component to Pemex’s plans to boost natural gas production and help supply the local market in Mexico.