Coastal Group secures $54 million OSV contract
SANDAKAN, Malaysia -- Coastal Contracts' wholly owned subsidiary, Coastal Offshore (Labuan), has secured contracts for the sale of two offshore support vessels (OSVs) for an aggregate value of approximately $54 million (RM197 million).
Both of these vessels were sold to the company's new customers in Mexico. They are expected to be delivered in 2015 and 2017.
Ng Chin Heng, the executive chairman of Coastal, commented, “I am pleased to announce that Coastal Group has secured its first batch of vessel sales orders for FY2015. With these latest sales, our vessel sales order book has further increased to a high of $400 million (RM1.46 billion), balanced with our long term charter contract for Pemex project.”
