Coastal wins OSV quartet

Coastal Contracts Bhd, the Sandakan-based company in Malaysia, said that its wholly owned subsidiary Thaumas Marine Ltd had clinched its largest newbuildings order worth $108 million boosting its order book to $223 million. The order consists of four offshore support vessels placed by Singapore’s Kreuz Engineering Ltd, a subsidiary of Swiber. It expects the two sub-sea support vessels and the two deepwater anchor-handling, tug and supply vessels to be delivered between the last quarter of 2009 and the first quarter of 2010.

Coastal expects new and possibly larger deals to be signed in the near future and was also considering diversifying into the offshore engineering and fabrication market. A spokesman for the company said that the shipbuilding division will remain its main earnings driver in the near-term but the long-term aspiration is to become a more integrated player in the oil and gas sector.