Malaysia’s Coastal Contracts has sold seven OSVs worth a total of about MYR444m ($135.7m).

The newbuilding vessels are scheduled for delivery in 2014 and 2015, Kuala Lumpur-listed Coastal Contracts announced.

“We are quite optimistic with the market outlook of OSV, which is underpinned by replacement cycle of older OSV and stable crude oil price. In addition, previous years of successful exploratory drilling will require more support from OSV,” commented Ng Chin Heng, executive chairman of Coastal Contracts.

Ng added that the company is looking to capitalise more opportunities during the replacement cycle of older OSVs given that 25% of current global OSV fleet is more than 25 years old.

The latest contracts have strengthened the group’s orderbook to MYR2.6bn, including vessels sales and a jack-up gas compression service unit.