We study the non-equilibrium dynamics of two tunnel-coupled one-dimensional quasicondensates following a quench of the coupling strength from zero to a fixed finite value. More specifically, starting from two independent quasicondensates in thermal equilibrium, with initial temperature and chemical potential imbalance, we suddenly switch on the tunnel-coupling and analyse the postquench equilibration in terms of particle number and energy imbalances. We find that, in certain parameter regimes, the net energy can flow from the colder quasicondensate to the hotter one and is governed by the surplus of low energy particles flowing from the cold to the hot system relative to the high-energy particles flowing in the reverse direction. In all cases, the approach to the new thermal equilibrium occurs through transient, damped oscillations. We also find that for a balanced initial state the coupled quasicondensates can relax into a final thermal equilibrium state in which they display a thermal phase coherence length that is larger than their initial phase coherence length, even though the new equilibrium temperature is higher. The increase in the phase coherence length occurs due to phase locking which manifests itself via an increased degree of correlation between the local relative phases of the quasicondensates at two arbitrary points.