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July 10, 2012

Coastal Group secures contracts for 12 offshore vessels

Coastal Group has secured contracts worth MYR446m ($140m) to build and deliver ten offshore support vessels (OSVs) and two units of low-end vessels.

By admin-demo

Coastal Group has secured contracts worth MYR446m ($140m) to build and deliver ten offshore support vessels (OSVs) and two units of low-end vessels.

Out of the ten OSVs, six are anchor handling tug supply (AHTS) vessels, while the remaining four are utility support vessels and maintenance and support vessels.

The four utility support vessels, which are expected to support offshore oil platforms, will carry goods and workers to and from offshore oil platforms and other offshore structures.

According to Coastal Group, all the vessels are scheduled to be delivered in 2012 and 2013 and the revenue generated from these vessels is expected to contribute to the group’s performance for the 2012-2013 financial years.

To date, the company has MYR583m ($183m) worth of vessel orders that are scheduled to be delivered to customers by 2013. The contracts were won by Coastal Group’s subsidiaries Coastal Offshore, Thaumas Marine and Pleasant Engineering.

Coastal executive chairman, Ng Chin Heng, said: "These latest contracts will be the largest vessel sales orders for Coastal Group since February 2011, and this will significantly strengthen our vessel sales order book."

In February 2011, the group won MYR268m ($88.17m) worth of orders for the sale of seven offshore support vessels (OSVs), three tugboats and two oil barges. Of the seven OSVs, six vessels were purchased by Tidewater Group, while Swiber Group acquired the seventh.

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