Coastal Contracts rises 1.23% on RM444m OSV sales

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KUALA LUMPUR (Sept 29): Shares of Coastal Contracts Bhd rose in early trade on Monday after the company secured RM444 million worth of sales of offshore support vessels (OSV), effectively increasing its order book to RM2.6 billion last week.

At 9.10am, Coastal rose six sen to RM4.95 with 38,200 shares done.

The Sabah-based group last week said its wholly-owned subsidiaries Coastal Offshore (Labuan) Pte Ltd and Thaumas Marine Ltd had together bagged contracts for the sales of seven OSV units, for an aggregate value of approximately RM444 million.

These vessels are expected to be delivered this year and next year, said Coastal Contracts, which in turn will contribute to its top and bottom lines for the financial years ending Dec 31, 2014 (FY14) and Dec 31, 2015 (FY15).