Coastal Contracts bags charter contracts worth RM28mil

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KUALA LUMPUR (April 1): Coastal Contracts Bhd announced today its units have bagged three charter contracts worth RM28 million in total.

According to the company’s Bursa Malaysia filing today, the charter contracts — awarded to its wholly-owned subsidiaries Pleasant Engineering Sdn Bhd, Coastal Transport (Sandakan) Sdn Bhd and Coastal Offshore Venture Pte Ltd — are for two units of offshore support vessels and one unit of other vessel.

Two of these contracts are short-term while one is a long-term contract with a firm period of up to five years, it added.

The company said the contracts, inclusive of extension periods are expected to contribute positively to the earnings and net assets of the company for the financial year ending June 30, 2019 and the financial periods thereafter during the contracts period.

The stock, which has seen its share price run up 33% year-to-date, slipped one sen or 0.94% to close at RM1.05 today.

At its current price, Coastal Contracts is valued at RM554 million.