Coastal Contracts Sells Three Vessels for $26.2M

March 4, 2022

Illustration only - Credit:corlaffra/AdobeStock
Illustration only - Credit:corlaffra/AdobeStock

Bursa Malaysia-listed marine oilfield services provider Coastal Contracts has agreed to sell three of its vessels for RM109.7 million (around $26.2 million).

The company, based in Sabah, Malaysia, said earlier this week that its subsidiaries had signed contracts for the sales of one offshore support vessel and two other vessels.

"The revenue stream from the latest contracts is expected to contribute positively to the earnings of the Group for the financial year ending 30 June 2022," Coastal Contracts said.

The company, which owns platform supply vessels, anchor handlers, a liftboat, an accommodation work barge, tugboats and oil barges, did not say which vessels exactly were being sold. The name of the buyer(s) was not disclosed either.



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