Malaysia’s Coastal Contracts has announced that its wholly-owned subsidiary, Coastal Drilling, and its strategic business partner JUB Pacific has acquired 80% and 20% equity interest respectively in Elite Point, a company that owns the 2015-built liftboat Teras Conquest 7.
The acquisition marks the company’s first venture into liftboat charter market with the vessel expected to commence its charter immediately upon completion of the deal, serving a major oil company in the Middle East. The contract value is around RM67.3m ($16.6m).
“During these challenging times, Coastal is pleased to announce this acquisition and expand our chartering division into liftboat, which shall immediately contribute to the Group’s earnings and strengthen the order book of the chartering division. We believe that there are great future growth prospects in the wind farm renewable energy sector as liftboats are the most preferred and cost effective options for installation and maintenance of offshore wind farm, which shall continue to be a big part of the world’s renewable energy transition,” said Ng Chin Heng, executive chairman of Coastal Group.