Coastal Contracts to sell two low-end vessels and charter two offshore support vessels

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KUALA LUMPUR (Nov 15): Coastal Contracts Bhd said its wholly-owned subsidiaries Coastal Marine Pte Ltd and Coastal International Marine Inc have secured contracts for the sale of two units of low-end vessels.

Coastal Marine and another subsidiary, Coastal Dynamic Pte Ltd, have also been awarded with charter contracts for two units of offshore support vessels, the group said.
The tenure for the charter contract is less than one year, Coastal Contracts said in a filing with Bursa Malaysia.

The group said it expects the contracts to contribute positively to its earnings and net assets for the financial year ending June 30, 2020.

The share price of Coastal Contracts closed one sen or 0.82% higher at RM1.23 today, bringing the group a market capitalisation of RM649.06 million. Over the past year, the counter has risen by 38.2% from 89 sen.