Sunday, 27 December 2009

Coastal Contracts year-to-date has topped RM148 million

Coastal to sell vessels for RM49.2m

Tags: Bursa Malaysia | Coastal Contracts Bhd | deck barge | Ng Chin Heng | offshore support vessel(OSV) | tugboat

Written by The Edge Financial Daily
Thursday, 24 December 2009 11:45

KUALA LUMPUR: Coastal Contracts Bhd have secured contracts for the sale of an offshore support vessel (OSV), a tugboat and a deck barge for RM49.2 million, the company announced yesterday.

Including the new contracts, the value of vessel orders clinched by Coastal Contracts year-to-date has topped RM148 million, it told Bursa Malaysia.

Coastal Contracts currently has about RM1.4 billion worth of vessel sales orders awaiting delivery to customers up to 2011.

The group said revenue stream from these three vessels was expected to contribute positively to its bottomline performance for the financial year ending Dec 31, 2010.

In a statement, its executive chairman Ng Chin Heng said: “Despite the challenging market conditions since the latter part of last year, we have been steadily replenishing our vessel sales order book, the ‘building blocks’ that will buoy the group’s future revenue and earnings clarity.”

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