Malaysia: Coastal Contracts sells five vessels for $54M

March 28, 2014

Malaysia’s Coastal Contracts has secured contracts for the sales of three units Offshore Support Vessels and two units low-end vessels for an aggregate value of approximately RM178 million ($ 54 million).

Malaysia Coastal Contracts sells five vessels for $54M

Including the new contracts and after adjusting for revenue recognition from vessels delivered to buyers up to 28 March 2014, Coastal Group has about RM1.2 billion worth of vessels sales orders awaiting delivery to customers up to 2015.

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 2014 and 31 December 2015.

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Press Release, March 28, 2014