Coastal Contracts won contracts for the sale of three offshore support vessels (OSVs), two landing crafts and two barges worth approximately RM233m ($73.3m), Seatrade Asia Online reports. Tidewater Group purchased the two OSVs, a Nigerian buyer acquired the third OSV, a Malaysian company bought the two landing crafts and an Indonesian customer bought the two barges.
With this latest contracts, the value of Malaysia-based Coastal's secured vessel sales orders stood at about RM610m, with deliveries through 2012. The latest contracts also lifted the group's year-to-date order wins to roughly RM690m.
“Although the pace of OSV orders has slowed somewhat since the first-half of 2011 amid market volatility, industry experts have anticipated higher demand beyond 2011 especially for deepwater and more sophisticated vessels, spurred by growing offshore exploration and production activities in geographically more difficult areas across the globe,” said Ng Chin Heng, executive chairman of Coastal.
With this latest contracts, the value of Malaysia-based Coastal's secured vessel sales orders stood at about RM610m, with deliveries through 2012. The latest contracts also lifted the group's year-to-date order wins to roughly RM690m.
“Although the pace of OSV orders has slowed somewhat since the first-half of 2011 amid market volatility, industry experts have anticipated higher demand beyond 2011 especially for deepwater and more sophisticated vessels, spurred by growing offshore exploration and production activities in geographically more difficult areas across the globe,” said Ng Chin Heng, executive chairman of Coastal.