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.
