Malaysian offshore vessel participant Coastal Contracts is increasing its fleet with newbuilds in China.
The Bursa Malaysia-listed agency has contracted Fujian Funing Shipbuilding, a Fujian Shipbuilding Business Group subsidiary, to construct a pair of 85-m-long subsea help and upkeep vessels.
No worth or supply date has been revealed for this order.
The newbuilds shall be classed by ABS and primarily used for subsea upkeep, pipeline set up, cable laying and surveys.
Renewed momentum within the offshore market since final yr has seen elevated utilisation charges throughout the board, however other than wind help vessels and AHTS models, there was little urge for food for newbuildings resulting from excessive costs and difficulties in securing financing. However, though not vital, market sources point out that OSV orders will progressively improve within the subsequent months.