EA Technique bags vessel provision jobs from Petronas worth RM54 mil

KUALA LUMPUR (Oct 27): EA Technique (M) Bhd has secured two contracts from Petroliam Nasional Bhd’s (Petronas) floating liquefied natural gas facility Petronas Floating LNG 1 (L) Ltd (PFLNG1) worth a cumulative RM53.76 million.

The marine vessels operator said its wholly-owned subsidiary, Libra Perfex Precision Sdn Bhd, was awarded the first contract worth RM41.06 million on Sept 22 to provide tugboat services.

The contract is to run for a fixed term of two years commencing in November with an option to be extended by another two years, the group said in a bourse filing.

Meanwhile, the second contract worth RM12.7 million involves emergency standby vessels services. This contract is also for a duration of two years from November with a two-year extension option.

EA Technique said the contracts are expected to contribute positively to its earnings for the financial year ending Dec 31, 2023 and beyond.

Shares of EA Technique closed unchanged at seven sen on Thursday (Oct 27), giving the group a market capitalisation of RM37.14 million.