Coastal Contracts’ ventures into liftboat chartering
Malaysia-based Coastal Contracts Bhd expands its portfolio into liftboat chartering through acquiring Elite Point Pte Ltd (EPPL)
Coastal Contracts Bhd announced in a recent statement of its entry into the liftboats chartering through the acquisition Singaporean company EPPL. Liftboats are self-propelled, multifunctional, self-elevating platform-based vessels with large open decks to support various offshore maintenance and construction works.
Teras Conquest 7 (TC7) liftboat
In a statement, Coastal Contracts expressed its interest in EPPL’s 2015-built Teras Conquest 7 (TC7) liftboat. It said, “TC7 was engaged in well servicing and production enhancement related activities since its first operation in the Middle East. For the first five years since operations, TC7 has been consistently operating at a high utilisation rate. The vessel is multi-capable for various projects such as offshore construction services, field maintenance services, equipment installation services and accommodation services in the oil and gas industry.
“TC7, with its robust safety track records, has called on more than 200 worksites and 120 different platforms across one of the biggest oilfields in the world near Saudi Arabia. TC7 had just completed its first dry-docking and special periodical survey, and is gearing up in preparation to continue with the current charter project. TC7 is expected to commence its charter immediately upon completion of the acquisition, serving one of the famous national oil companies in the Middle East. This extended charter has a remaining tenure of approximately 20 months, with a contract value of approximately RM67.3 million.”
With EPPL’s core business in chartering of ships, barges and boats with crew (freight), Coastal Contracts is optimistic about further business expansion and growth in the oil and gas upstream sector, apart from entering renewable energy. Coastal Contracts’ Executive Chairman, Ng Chin Heng, seconded the positive take about the company’s orderbook of the chartering division.
He noted, “We believe that there are great future growth prospects for the wind farm renewable energy sector as liftboats are the most preferred and cost effective options for installation and maintenance of offshore wind farms, which shall continue to be a big part of the world’s renewable energy transition. With our current strong balance sheet, we are looking forward to capitalise on more acquisition opportunities with quicker paybacks; we believe that the value of some offshore assets has emerged.”
Marine Online offers an extensive network of shipowners with ready fleets to cater to various chartering needs at competitive rates.