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February 10, 2011

Coastal Group Units to Sell Support Ships

Three wholly-owned subsidiaries of Coastal Group have secured contracts for the sale of seven offshore support vessels (OSVs), three tugboats and two oil barges worth MYR268m ($88.17m). Six OSVs were purchased by Tidewater Group, while Swiber Group acquired the seventh.

By cms admin

Three wholly-owned subsidiaries of Coastal Group have secured contracts for the sale of seven offshore support vessels (OSVs), three tugboats and two oil barges worth MYR268m ($88.17m).

Six OSVs were purchased by Tidewater Group, while Swiber Group acquired the seventh. < p>

The company said that it has MYR 760m ($250m)-worth of vessel sales orders awaiting delivery to customers up to 2012.

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