Coastal is one of the leading shipbuilders in Malaysia.

Coastal is one of the leading shipbuilders in Malaysia.  

1.  It specialises in offshore support vessel (OSV) and marine transportation vessels. 

2.  It is also an established vessel chartering services provider in South East Asia with vessels deployed to transport various types of dry and liquid bulk commodities.

3.  In 2013, Coastal diversified into the oil and gas upstream sector with its entry into the jack-up drilling rig business. 

• In 2013, it fabricated a jack-up Gas Compression Service Unit (GCSU) for use by Mexico's national oil company, Petroleos Mexicanos.  It sold its maiden jack-up rig, Coastal Driller 4001, for RM877.2m in 3Q16. 
• It fabricated its second Jack-up Gas Compression Service Unit (JUGCSU) in 4Q13 and is contracted under a USD372 million, 12-year charter for Mexico's state-owned company, Petroleos Mexicanos, from January 2016 onwards. 

4.  In December 2021, Coastal secured a 10-year mega contract worth USD1.06 bn from Petroleos Mexicanos to undertake an onshore gas conditioning plant project with a gas conditioning capacity of 300 million standard cubic meter feet per day (MMCFD) in Tierra Blanca, Veracruz. Mexico.

Y2022

COASTAL's adjusted core earnings more than tripled to RM173.4 m y-o-y. 

• riding on the back of a jump in revenue of 44.0%, 
• a more than doubling of Other Income to RM98.9 m and 
• a sizable share of profit from the group's JV of RM51.5 m in FY22, 

The surge of revenue in FY22 was driven primarily by 

• a more than tripling of revenue from the Vessel Chartering Segment to RM64.09 m, as a result of the acquisition of liftboat chartering business in February 2021; 
• coupled with increased revenue contribution from the Gas Processing Segment (+17.7%), arising from the contribution by the Perdiz onshore gas plant and construction revenue by the Papan onshore gas plant project. 

The sharp increase in Other Income was largely due to 

• interest income earned from loans granted to the group's JV 
• as well as a disposal gain on offshore support vessel of RM33.2 m. 

The group recorded adjusted FY22 EPS of 32.92 sen.