Coastal Contracts Bhd in Malaysia has announced that its wholly-owned subsidiary, Coastal Drilling Pte Ltd, and its strategic business partner JUB Pacific Pte Ltd (JUB) have acquired 80% and 20% equity interest respectively in Elite Point Pte Ltd (EPPL)
EPPL is principally engaged in the liftboat chartering business. Under the acquisition, EPPL will acquire the liftboat Teras Conquest 7, which was built in 2015 at a yard in southeast Asia. The acquisition marks Coastal Group’s first venture into the liftboat charter market.
Teras Conquest 7 was previously engaged in well servicing and production enhancement projects in the Middle East.
The vessel is capable of undertaking a range of projects, including offshore construction, field maintenance, equipment installation and accommodation services in the offshore oil and gas industry and recently completed its first drydocking and special survey.
The liftboat is expected to commence a charter in the offshore oil and gas market immediately, working for a national oil company in the Middle East. The charter has a remaining contract tenure of approximately 20 months.
In addition to work in the offshore oil and gas sector, Coastal Contracts said it also anticipates it will be tendered for offshore wind installation and maintenance work.
“Governments and energy companies around the world, especially those in the Asia Pacific region, are looking into huge business and investment opportunities in the offshore wind sector,” the company said.
“With strong year-to-year growth prospects, offshore wind is one of the world’s fastest-growing energy sources.”