Coastal Contracts secures jack-up charter dealCoastal Contracts secures jack-up charter deal

The jack-up charter contract is worth approximately MYR1.24bn ($371.12m) and awarded to Thaumas Marine, wholly-owned by Coastal Contracts.

Thaumas Marine will immediately commence construction of the jack-up. The jack-up is scheduled for delivery in first half of 2015 and will be used to handled sour gas production for Pemex in the Cantarell Oil Complex, Gulf of Mexico under the charter contract, according to Coastal Contracts.

“Including the vessel sales order, the group's total orderbook has reached approximately MYR2.5bn, breaking the group's record of orderbook value,” said Ng Chin Heng, executive chairman of Coastal Contracts.

Ng added that the latest contract not only enables the group to tap into the offshore production solutions market, but also provides the group with a cross-selling opportunity to secure market share in the Gulf for its shipbuilding arm.

“Currently, Coastal Group is executing its expansion plan via a two-pronged approach, which is extending its participation in lucrative oil and gas upstream sector and scaling up its offshore supply vessel shipbuilding value chain,” Ng said.