PETALING JAYA: Coastal Contracts Bhd
’s subsidiary Elite Point Pte Ltd (EPPL) has secured a new liftboat charter contract worth RM12.8mil, following the expiry of the original contract.
In a filing with Bursa Malaysia, the oil and gas (O&G) company said EPPL had completed its existing liftboat charter contract on Sept 29, 2025, as the charterer did not exercise the option for a further one-year extension.
“The new contract tenure is for a charter period of 120 days (including the optional extension period).
“The new contract is expected to contribute positively to the earnings and net assets of the company for the financial year ending Dec 31, 2025 and Dec 31, 2026 during its contract tenure.”
Coastal Contracts said the risks associated with the new contract are mainly the normal operational and execution risks for an O&G company.
“Notwithstanding this, the company has put in place adequate risk management procedures and processes in mitigating these risks.”
