PETALING JAYA: Coastal Contracts Bhd has secured an order worth approximately RM175.78 million for the sale of an offshore support vessel, adding to a string of vessel sales as the group looks to capitalise on improving demand for offshore marine assets.
The company said its wholly owned subsidiary, Coastal Offshore Marine Inc, secured the vessel sales order on Aug 14.
The transaction, which is revenue in nature and undertaken in the ordinary course of business, is expected to contribute positively to the earnings of Coastal’s shipbuilding division and net assets for the financial year ending Dec 31, 2026.
Coastal did not disclose the identity of the buyer or provide further details on the vessel.
The latest sale follows RM187.6 million worth of vessel sales secured by the group in December last year, involving a high-end offshore support vessel and a low-end marine transportation vessel.
Coastal said in its quarterly report that rising offshore oil and gas exploration and production activities, higher vessel utilisation, fleet renewal requirements and an ageing global offshore support vessel fleet could create opportunities for shipbuilders and vessel operators.
Coastal is involved in the build, charter, repair, maintenance and trading of marine vessels, while also having operations in energy infrastructure.
The company said none of its directors, substantial shareholders or persons connected to them has any direct or indirect interest in the vessel sale.
