E.A Technique to buy tugboat for RM16.72mil

KUALA LUMPUR: E.A. Technique (M) Bhd has entered into a memorandum of agreement (MoA) with Poet Shipbuilding & Engineering Pte Ltd to acquire a new tugboat for RM16.72mil cash.

In a Bursa filing, the PN17 company said the vessel to be acquired by the company is for the purpose of undertaking activities associated with marine terminal operations.

In December 2021, E.A Technique was awarded a 5-year contract for the provision and operation ofa 40-tonne bollard pull harbour tug with three extension options of one year each anda total contract value of approximately RM30mil.

“The proposed acquisition is undertaken to acquire the vessel in order to fulfil the contract,” it said.

In addition to the purchase consideration, the company is expected to incur logistic costs of approximately RM430,000 for the vessel to be delivered to Malaysia.