Coastal Contracts sells two vessels for RM188mil

PETALING JAYA: Coastal Contracts Bhd’s wholly-owned subsidiaries, Coastal International Marine Inc and Pleasant Engineering Sdn Bhd, have secured contracts for the sale of two vessels for an aggregate value worth RM187.6mil.

In a filing with Bursa Malaysia, the oil and gas services and energy infrastructure solutions provider said the sales comprise one high-end offshore support vessel and one low-end marine transportation vessel.

“The vessel sales are expected to contribute positively to the earnings and net assets of the company for the financial year ending Dec 31, 2026.

“None of the directors and / or substantial shareholders of the company and/or persons connected with them have any interest, direct or indirect, in the vessel sales contracts.”

For the third quarter ended Sept 30, 2025, Coastal Contracts reported a net profit of RM19.77mil compared with a net loss of RM49.07mil in the previous corresponding period, while revenue rose to RM15.93mil versus RM6.27mil previously.