Coastal wins contracts worth RM130m
Published on: Monday, July 27, 2015
Kuala Lumpur: Coastal Contracts Bhd has netted contracts worth a total of RM130 million involving the sale of two offshore support vessels (OSVs) and six low-end vessels.The offshore support vessel fabricator told Bursa Malaysia that these contracts, bagged by units Coastal Offshore (Labuan) Pte Ltd, Thaumas Marine Ltd and Pleasant Engineering Sdn Bhd, raised the group's order book to about RM3.38 billion.Of the amount, the vessels and rig sales order book constituted RM1.97 billion.ADVERTISEMENT "All of these vessels are expected to be delivered in 2015.Consequently, the revenue stream from these vessels is expected to contribute positively to the top and bottom line performance of the group for the financial year ending Dec 31, 2015 (FY15)," it said.Stay up-to-date by following Daily Express’s Telegram channel.
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Coastal executive chairman Ng Chin Heng said this second batch of vessel sales orders for FY15 would strengthen the group's "war chest" in a lacklustre market."Crude oil is continued trading at bearish mode due to a glut of oil in global market mainly caused by the booming shale oil in the US and slowdown of global economic growth," he said.