Wednesday, February 9, 2011

Coastal Contracts secures sales of RM268m for 12 vessels

KUALA LUMPUR: COASTAL CONTRACTS BHD [] said its units have secured contracts for the sale of 12 vessels for an aggregate value of RM268 million, increasing its total sales to RM760 million up to 2012.

It said on Wednesday, Feb 9 its units Coastal Offshore (Labuan) Pte Ltd, Pleasant Engineering Sdn Bhd and Thaumas Marine Ltd had secured contracts for the sale of seven offshore support vessels (OSV), three tugboats and two oil barges for an aggregate value of approximately RM268 million.

Coastal contacts executive chairman Ng Chin Heng said these latest contracts would be the largest vessel sale orders for Coastal Group since December 2009 and would significantly replenish its vessel sales order book.

'Including the new contracts, Coastal Group now has about RM760 million worth of vessel sales orders awaiting delivery to customers up to 2012,' the company said.

Coastal Contracts said the revenue stream from the latest contracts were expected to contribute positively to the earnings per share and net assets per share of group for the financial years ending Dec 31, 2011 and 2012.

The company said of the seven OSV sales, six units were purchased by Tidewater Group -- the world's largest and most experienced provider of marine support services for the offshore energy industry.

It added Tidewater, which is listed on the New York Stock Exchange, owns 384 vessels, and is the world's largest fleet of vessels serving the global offshore energy industry.

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