Coastal Contracts Bhd, a Malaysia-based company, won contracts for the sale of three offshore support vessels (OSVs), two landing crafts and two barges worth approximately RM233m ($73.3m). following these contracts, the value of Coastal’s secured vessel sales orders reached approximately RM610m.
Tidewater Group purchased the two OSVs, a Nigerian buyer acquired the third OSV, a Malaysian company bought the two landing crafts and an Indonesian customer bought the two barges.
Industry experts have anticipated higher order demand beyond 2011 especially for deepwater and more sophisticated vessels. The recent contracts elevated the group’s year-to-date order wins to roughly RM690m.
Coastal Contracts Bhd is company engaged in investment holding and provision of management services. The Company, through its subsidiaries, operates in two segments: vessels manufacturing and repairing services, which include fabrication and sale of marine transportation vessels and provision of ship repairs and maintenance services, and vessels chartering and equipment hire, which include the provision of vessels transportation and equipment hiring services.
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