Friday, February 18, 2011

Coastal ... Feb11

Coastal Contracts Bhd's wholly-owned subsidiaries have collectively secured contracts for the sale of seven offshore support vessels, three tugboats and two oil barges for an aggregate value of about RM268mil.

It had currently about RM760mil worth of vessel sales orders awaiting delivery to customers up to 2012, including these new contracts secured by subsidiaries Coastal Offshore (Labuan) Pte Ltd, Pleasant Engineering Sdn Bhd and Thaumas Marine Ltd collectively.

The revenue stream from the latest contracts is expected to contribute positively to the earnings per share and net assets per share of the Coastal group for the financial years ending Dec 31, 2011 (FY11) and FY12.

Of the seven offshore support vessels sales secured, six units were purchased by Tidewater Group, the world's largest provider of marine support services for the offshore energy industry. The other unit was sold to the Singapore-listed Swiber Group.

Moving forward, greater emphasis would be placed on constructing larger deep-water suited and dynamic-positioning enabled vessels as the Coastal group seeks to broaden its product offering and scale up the shipbuilding value chain.

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