Coastal Contracts secures vessel sale and 5-year charter extension

KUALA LUMPUR: Coastal Contracts Bhd has secured a sale contract for an offshore support vessel and an extension for another vessel's charter contract.

In a filing with Bursa Malaysia, Coastal Contracts said its wholly-owned subsidiaries, Coastal International Marine Inc and Pleasant Engineering Sdn Bhd secured the sale and extension.

The extended charter contract was for a period of five years.

“The vessel sale and extended charter contract are expected to contribute positively to the earnings and net assets of the company for the financial year ending Dec 31, 2024 and the financial periods thereafter for the extended charter contract during its extended contract tenure,” it said.