Coastal snares fifth deal this year

Kuala Lumpur: Coastal Contracts has secured contracts for the sales of a subsea support maintenance vessel and two low-end vessels for an aggregate value of approximately RM148m.
Coastal Group has about RM1.34bn worth of vessels sales orders awaiting delivery to customers up to 2014.
This is the fifth batch of vessel sales order secured by the group this year.
Commented Coastal’s chairman Ng Chin Heng, "We believe the current pace of expansion in OSV orders will not be short-lived, as stable crude oil prices will continue to fuel more offshore exploration, development and production activities. With the significant hydrocarbon discoveries in the deepwater regions, such as the Golden Triangle – West Africa, US Gulf of Mexico and Brazil, we foresee the deepwater capable OSV market will have further growth opportunities.” [12/12/13]

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