Sponsored By

Coastal Contracts sells six OSVs for $100mCoastal Contracts sells six OSVs for $100m

Malaysia-based Coastal Contracts has secured contracts to sell six offshore support vessels (OSVs) for a total of MYR318m ($99.76m).

Lee Hong Liang, Asia Correspondent

October 22, 2013

1 Min Read
Kalyakan - stock.adobe.com

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.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

Get the latest maritime news, analysis and more delivered to your inbox
Join 12,000+ members of the maritime community

You May Also Like