Coastal Contracts ventures into liftboat market with secondhand acquisition

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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