KUALA LUMPUR: Coastal Contracts Bhd has secured a new charter contract and secured an extension for an existing contract for a total value of RM252mil.

       The integrated marine oil and gas services and solutions provider, in a Bursa filing, said its subsidiaries, Pleasant Engineering Sdn Bhd and Elite Point Pte Ltd recently secured a new charter contract and extension of existing charter contract for one unit vessel and one unit liftboat respectively.

       “The contract period for the new charter contract is for a firm period of five years commencing June 2022 and the contract extension is for a firm period of two years commencing September 2022 with two annual extension options.

       “The contracts are expected to contribute positively to the earnings and net assets of the company for the financial year ending June 30, 2022 and the financial periods thereafter,” it said.