KUALA LUMPUR: Marine transportation and offshore storage provider EA Technique (M) Bhd's subsidiary, Libra Perfex Precision Sdn Bhd has secured three contract extensions with Petronas Floating LNG 1 (L) Ltd (PFLNG1) worth RM63.9 million.
In September 2024, EATech obtained a RM41 million contract extension for tugboat services.
This was followed in October 2024 by two additional extensions for Emergency Standby Vessel (ESV) services for PFLNG1, valued at RM22.9 million.
"These three contracts, each with a two-year term, commencing in November 2024, will leverage EATech's existing fleet, further solidifying its revenue streams while highlighting its trusted operational capabilities and enduring partnership with PETRONAS," it said.
EATech said the mid-term commitments provide revenue visibility over the next two years.
"EATech will deploy its existing vessels to fulfil these contracts, a strategy deployed to maximise asset utilisation while showcasing its commitment to cost-efficient operations," it added.
Its executive director Datuk Wira Mubarak Hussain Akhtar Husin said the company remains committed to delivering excellence in reliable marine services, meeting the operational needs of clients with precision and efficiency.
"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."We are excited about the company's continued growth, with our dedication to progress and innovation reflected in these achievements," he said.
EATech's firm order book totals RM169.5 million, with additional optional contracts worth RM217.2 million.
It was trading unchanged at 30 sen earlier, giving it a market capitalisation of RM397.9 million.