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Coastal Contracts sells two OSVs for $54mCoastal 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.

Vincent Wee, Hong Kong and South East Asia Correspondent

February 24, 2015

1 Min Read
Kalyakan - stock.adobe.com

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.

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Malaysia

About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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