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Coastal Contracts seals $52m two-vessel deal

Coastal Contracts Bhd has sealed MYR170m ($52.2m) worth of contracts for the sale of one anchor handling tug supply vessel and one subsea support and maintenance vessel.

Vincent Wee, Hong Kong and South East Asia Correspondent

August 13, 2013

1 Min Read
Kalyakan - stock.adobe.com

The company said in a stock market filing that with the new contracts it has an orderbook of about MYR1.2bn with deliveries stretching out to 2014.

“This will further underpin the group’s growth momentum as well as earnings visibility for the next one to two years,” executive chairman Ng Chin Heng said.

The contracts are expected to contribute positively to Coastal’s earnings per share and net assets per share for the financial years ending 31 December 2013 and 2014.

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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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