[LEFT]0415 GMT 9 July [Dow Jones] Coastal Contracts (5071.KU) is up 2.0% at MYR2.03, off an intraday high of MYR2.06, on news of the company securing MYR446.0 million in shipbuilding contracts; the company says its three units collectively received orders for 10 units of offshore support vessels and two other low-end vessels. All of these vessels are expected to be delivered in 2012 and 2013, says Coastal. It adds that the company has about MYR583.0 million worth of vessel sales orders awaiting delivery up to 2013. Analysts say although they have priced-in the orders, news of the contracts brings relief to the market amid concerns the slowing global economy will impact oil and gas projects. “In fact, we see this orderbook replenishment as very timely for Coastal; otherwise, its yard may be left unutilised next year,” says OSK Research analyst Jason Yap.
[I]- J[/I][I]ason Ng, Dow Jones Newswires
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