Among the seven OSVs, four platform supply vessels (PSV) were sold to customers from Holland and West Africa; one utility support vessel (USV) and one DP2 remote operated vehicle (ROV) support/maintenance vessel were sold to customers from Malaysia and Italy; while one anchor handling tug supply (AHTS) vessel was sold to Norway-based Vega Offshore.
The OSVs are slated for delivery during 2013 and 2014.
As of to date, Coastal Group has about MYR720m worth of vessel sales orders awaiting delivery to customers up to 2014.
Ng Chin Heng, executive chairman of Coastal, noted that while the global shipbuilding industry continued to face challenges of overcapacity of yards, sluggish newbuilding orders and competitive pricing of less sophisticated vessels, the oil and gas market outlook for 2013 remains positive.
“Hence, we expect sustained recovery in the OSV market soon, especially demand for higher-end OSV. Moving forward, Coastal will focus on building and selling more technologically advanced and deepwater-capable OSVs that can withstand harsher environment,” Ng said.
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