Malaysia: Coastal Secures Major Vessel Sale


Coastal Contracts Bhd  today announced that its wholly-owned subsidiaries, Coastal Offshore (Labuan) Pte Ltd and Thaumas Marine Ltd, have collectively secured contracts for the sale of two units Anchor Handling Tug Supply (“AHTS”) and one unit Subsea Support Vessel (“SSV”) for an aggregate value of approximately RM111 million.

SSV is designed to transport liquid cargo, stores, materials and equipment, move men and material between platforms and facilitates general subsea support, maintenance, transport and standby. She is capable of 24 hours/day continuous operation and remains on station for a minimum of 30 days and has excellent handling and manoeuvrability at all speeds under all conditions, making it an ideal candidate to carry out general subsea support tasks.

The SSV is sold to a new customer from United Arab Emirates whereas the two units AHTS are sold to one of our loyal customers from Indonesia.

All of these vessels are expected to be delivered in 2012 and 2013. Consequently, the revenue stream from these vessels is expected to contribute positively to the top and bottom line performance of the Group for the financial years ending 31 December 2012 and 31 December 2013. As of to date, Coastal Group has approximately RM743 million worth of vessel sales orders awaiting delivery to customers up to 2013.

Mr Ng Chin Heng, the Executive Chairman of Coastal, commented:

“This is Coastal Group’s third major vessel sales win in relatively quick succession, following our previous major win of RM141 million announced last month. This is an encouraging milestone to accelerate our orderbook momentum after a setback in the early part of this year.

Press Release, September 24, 2012

Share this article

Follow Subsea World News


<< Nov 2015 >>
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6


This course will provide a complete and up-todate overview of the area of Subsea Pipeline Engineering, taking delegates through the pre-design…

read more >

Marine Warranty Surveying

This distance learning course addresses the core competencies of warranty surveying, presenting the background knowledge and practical…

read more >

66kV Offshore Wind 2015

The only networking event on 66kV array grids.

66kV Offshore Wind is a technical event for experts in the wind industry. The goal is to provide a clear path to commercial implementation of 66kV array grids. By exploring developer requirements, WTG capabilities and equipment certification, we hope to reduce both uncertainty and time to implementation for 66kV offshore wind.

The conference aims to:

  • Evaluate project requirements to select 66kV inter-arrays
  • Explore turbine requirements for use in 66kV systems
  • Review certification procedures for higher voltage equipment
  • Evaluate the technology and cost impacts on transformers, cables and switchgears
  • Understand the need for reactive power compensation in offshore substations

More Info

read more >

Introduction to the Upstream Petroleum Industry

The course will provide an overview of the key aspects of the upstream petroleum industry, including exploration, risk factors, drilling…

read more >