KUALA LUMPUR (June 28): Oil and gas services provider Coastal Contracts Bhd (KL:COASTAL) said the group has secured a one-year extension of its charter contract for a liftboat, worth RM64.1 million.

The extension — awarded to its Singapore-based subsidiary Elite Point Pte Ltd — is expected to contribute positively to its earnings and net assets during the contract tenure, said Coastal Contracts in a filing with Bursa Malaysia on Friday.

Coastal Contracts had ventured into the chartering of liftboats — self-propelled, multifunctional, self-elevating platform-based vessels with large open decks to support various offshore maintenance and construction works — in February 2021 via the acquisition of Elite Point.

Shares in Coastal Contracts closed two sen or 1.2% higher at RM1.72 on Friday, giving the group a market capitalisation of RM944 million.