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Coastal Contracts sells two OSVs for $54m

Coastal Contracts sells two OSVs for $54m
Coastal Contracts unit Coastal Offshore (Labuan), has secured contracts for the sale of two units of offshore support vessels (OSV) for about MYR197m ($54.3m), it said in a stock market announcement.

The company said sold the vessels to new customers in Mexico, bringing its vessel sales order book to about MYR1.46bn to be delivered from 2015 up to 2017.

This brings its total orderbook to MYR2.81bn, of which MYR1.35bn is for its first jack-up gas compression service unit charter contract for Petroleos Mexicanos.

“We are pleased to have the opportunity to enter business relationships with our new customers in Mexico. We continue to widen our global presence as a reliable shipbuilder and oil and gas player in Mexico,” said executive chairman Ng Chin Heng.