Coastal Contracts Bhd’s wholly-owned subsidiary Coastal Drilling Pte Ltd and its business partner JUB Pacific Pte Ltd has acquired an 80% and 20% stake in Elite Point Pte Ltd respectively.
TC7 with its robust safety track records, has called on more than 200 work sites and 120 different platforms across one of the biggest oil field in the world near Saudi Arabia. TC7 had just completed its first dry docking and Special Periodical Survey, and is gearing up in preparation to continue with the current charter project. TC7 is expected to commence its charter immediately upon completion of the acquisition,serving one of the famous National Oil Company in the Middle East.
Apart from its service capabilities related to the offshore oil and gas industry activities, liftboats are also an alternative solution in the support of offshore wind farm installation and maintenance works. Governments and energy companies across the globe, especially Asia Pacific are looking into the huge business and investment opportunities in the offshore wind sector.
With this new venture, Coastal group will have more opportunities to pursue business expansion and growth in the oil and gas upstream sector as well as venturing into renewable energy sector.