KUALA LUMPUR (Nov 18): EA Technique (M) Berhad (KL:EATECH), a marine transportation and offshore storage company, has secured three contract extensions valued at RM63.9 million from Petronas.

The largest of the extensions is worth RM41 million for tugboat services followed by two emergency standby vessel (ESV) services with a combined value of RM22.9 million, EA Technique said in a statement. All three agreements, each spanning two years, are set to start in November.

“These contracts, as part of our ongoing portfolio, demonstrate the value of recurring projects in contributing to a stable revenue base and ensuring operational continuity,” executive director Datuk Mubarak Hussain Akhtar Husin said in a statement.

EA Technique mainly owns and operates marine vessels focusing on oil and gas marine transportation, offshore storage and marine port services. The company specialises in chartering tankers, tug vessels for port services and offshore support vessels, including fast crew boats.

The company now has a firm orderbook totalling RM169 million and another RM217.2 million in optional contracts.

To fulfil the latest contracts, EA Technique will use existing vessels, the company added.

At Monday’s midday trading break, EA Technique's shares were down half a sen or 1.7% at 29.5 sen with a market capitalisation of RM391 million.