Coastal wins OSV orders, jack-up in works

MARCH 28,2014 — Malaysia's Coastal Contracts Bhd has reported its first shipbuilding contracts for 2014. Worth a total of approximately RM178 million (about $55 million), they cover three offshore support vessels and what Coastal describes as "two units of low-end vessels.

Two of the OSVs are for a repeat customer. The others are going to new customers. All five are expected to be delivered in 2014 and 2015.

Coastal could have even bigger things ahead.

Executive Chairman Mr. Ng Chin Heng says: "Currently we are in the progress of clinching a contract for our maiden jack-up rig which is scheduled for delivery in quarter three this year. We are quite optimistic on clinching our first jack-up rig contract this year."

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