Malaysian offshore vessel player Coastal Contracts is expanding its fleet with newbuilds in China. The Bursa Malaysia-listed firm has contracted Fujian Funing Shipbuilding, a Fujian Shipbuilding Industry Group subsidiary, to build a pair of 85-m-long subsea support and maintenance vessels. No price or delivery date has been revealed for this order. The newbuilds will be classed by ABS and mainly used for subsea maintenance, pipeline installation, cable laying and surveys. Renewed momentum in the offshore market since last year has seen increased utilisation rates across the board, but apart from wind support vessels and AHTS units, there has been little appetite for newbuildings due to high prices and difficulties in securing financing. Nevertheless, although not significant, market sources indicate that OSV orders will gradually increase in the next months. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsMalaysia