Malaysia: Coastal Sells 7 OSVs for $142 Million

Malaysia’s Coastal Contracts has announced that its subsidiaries have secured contracts for the sale of seven units Offshore Support Vessels and two units Oil Barges for an aggregate value of approximately RM434 million (142 Million).

Including the new contracts and after adjusting for revenue recognition from vessels delivered to buyers up to 23 April 2013, Coastal Group has about RM720 million ($235 mln) worth of vessels sales orders awaiting delivery to customers up to 2014.

Coastal is a Malaysia-based company which provides marine products and services to the shipping, oil and gas and commodities industries. Their main services include construction, charter, repair, maintenance and trade of marine vessels, ranging from tug boats, oil barges, dumb barges, landing crafts to offshore supporting vessels and more.