Coastal Contracts nets $26.2m on sale of three vessels

Malaysian offshore services provider Coastal Contracts has struck a deal to sell three of its vessels for approximately RM109.7m ($26.2m).

The Bursa Malaysia-listed firm has offloaded one offshore support vessel and two other ships via its wholly-owned subsidiaries to undisclosed buyers.

Coastal said it expects the revenue stream from the latest contracts to contribute positively to the earnings of the group for the financial year ending June 30, 2022. The company booked a profit of close to $8.1m in the first half, which ended December 31, 2021.

Last year, Coastal ventured into liftboat chartering with a long-term plan to tap into the wind farm renewable energy sector.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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