KUALA LUMPUR (March 3): Coastal Contracts Bhd, via its wholly-owned subsidiaries, is selling one offshore support vessel and two other vessels for an aggregate value of RM109.7 million.

In a Bursa Malaysia filing, the integrated marine oil and gas service provider said the transactions are expected to contribute positively to the earnings of the group for the financial year ending June 30, 2022.

In its latest second quarter ended Dec 31, 2021 (2QFY21), the group returned to the black with a net profit of RM11.80 million, from a net loss of RM1.52 million in the same period last year, as revenue about doubled to RM74.89 million from RM37.70 million.

Shares in Coastal Contracts finished two sen or 1.15% lower to RM1.72 on Thursday (March 3), giving it a market capitalisation of RM923.18 million.