Coastal secures sale

Hope this news can sustain coastal share price.

Coastal secures vessel sales worth RM111m

KUALA LUMPUR: Coastal Contracts Bhd will sell two Anchor Handling Tug Supply units and one Subsea Support Vessel (SSV) for RM111 million. The contracts were secured collectively through Coastal's wholly-owned units, Coastal Offshore (Labuan) Pte Ltd and Thaumas Marine Ltd. "The SSV is sold to a new customer from United Arab Emirates while the two Anchor Handling Tug Supply units are sold to a loyal customer from Indonesia. "All of these vessels are expected to be delivered in 2012 and 2013," Coastal Contracts said in a statement. It added that consequently, the revenue stream from these vessels were expected to contribute positively to the top and bottom-line performance of the company for the financial year ending Dec 31, 2012 and the following fiscal year. To-date, the group has approximately RM743 million worth of orders awaiting delivery to customers up to 2013. BERNAMA