The offshore marine support services provider told Bursa Malaysia that the charter would run for three years from on-hire date Sept 17, 2016, with extension option of two years.
The loss-making company, in which Dayang Enterprise Holdings Bhd became a controlling shareholder in October 2015, expects the contract to contribute positively to the revenue and earnings of the group for the financial year ending Dec 31, 2016 and the financial periods thereafter for its duration.
For the financial year ended Dec 31, 2015, the group recorded a net loss of RM118.5mil due to a big drop in its vessels’ utilisation rate coupled with a drop in charter rates across the industry. Up to June 30 this year, the group had not turned around to the black.
Trading of its shares has been suspended since Sept 30 last year due to the public shareholding spread being below 10%.
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