Kuala Lumpur: Shipbuilding and vessel charter company, Coastal Contracts Bhd, plans to build higher end OSVs. At its interim results it stated: “Moving forward, the group will focus on building and selling more technologically advanced and deepwater-capable OSVs that can withstand harsher environment. The management expects sustained recovery in the OSV market soon, especially for higher-end OSVs.”
Coastal Contracts’ earning for the first six months came in at RM63.1m against RM59.7m for the corresponding period in the previous year.
“The global oil and gas upstream capex spending on exploration and production is expected to rise in 2013, compared with the lacklustre spending in 2012. In addition to the anticipated upbeat exploration and production activities, the demand for OSV is expected to grow, especially for more sophisticated OSV,” the company stated. [27/08/13]