Asia

Coastal makes a splash with vessel sales

 

Sabah: Malaysian shipbuilding firm Coastal Contracts Bhd has announced that subsidiaries Coastal Offshore (Labuan) Pte Ltd and Thaumas Marine Ltd have secured contracts worth MYR434m.
 
The contracts are for seven Offshore Support Vessels and two Oil Barges.  The seven OSVs consist of four Platform Supply Vessels, one Utility Support Vessel, one DP2-enabled Remote Operated Vehicle Support/Maintenance and one Anchor Handling Tug Supply sold to Norway-based Vega Offshore.
 
Ng Chin Heng, executive chairman of Coastal, commented: “oil and gas market outlook for 2013 remains positive and this will continue to spur oil majors to increase capex spending on exploration and production. Hence, we expect sustained recovery in the OSV market soon, especially demand for higher-end OSV.” [24/04/13]
 

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