KUALA LUMPUR (Dec 2): Global integrated energy infrastructure and marine service provider Coastal Contracts Bhd (KL:COASTAL) plans to dispose of two vessels for RM187.6 million. 

Its wholly owned unit Coastal International Marine Inc is hiving off a high-end offshore support vessel, while Pleasant Engineering Sdn Bhd is selling its low-end marine transportation vessel. 

According to the group’s bourse filing, the vessel sales will boost its earnings and net assets for the financial year ending Dec 31, 2026. 

Coastal Contracts posted a net profit of RM19.77 million for the third quarter ended Sept 30, 2025 (3QFY2025) against a net loss of RM49.07 million a year earlier as revenue more than doubled to RM15.93 million from RM6.27 million. 

This was attributed to absence of last year’s unrealised foreign exchange losses of RM43.3 million and stronger operational performance from gas processing and vessel chartering segments.

For the nine-month period, the group’s net profit dropped 73.63% to RM15.67 million from RM59.44 million dragged by lower other income, despite revenue rising 31.35% year-on-year to RM50.17 million. 

Shares of Coastal Contracts closed unchanged at RM1.18 on Tuesday, valuing the group at RM659.41 million.