The OSVs comprise of one subsea support maintenance vessel (SSMV), one platform supply vessel (PSV), and four anchor handling tug supply (AHTS) vessels.
Kuala Lumpur-listed Coastal Contracts believed that the new contracts would provide greater earnings visibility for the group.
As of 21 October, Coastal Contracts' cumulative vessel sales orders in financial year 2013 amounted to approximately MYR1.35bn, about twice the amount secured in the previous financial year.
“With current highly buoyant offshore market, we believe the group would be able to capitalise more opportunities moving forward,” said Ng Chin Heng, executive chairman of Coastal Contracts.
“Anchored on the buoyant oil and gas upstream sector, we are upbeat with the prospect of OSV market over the medium to long term, especially for more sophisticated and deepwater-capable OSV,” Ng said.
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