Coastal Contracts gets RM318.9mil contract extension

KUALA LUMPUR: Coastal Contracts Bhd has signed an addendum to extend its gas sweetening services contract up to Dec 31, 2025, with Mexican state-owned petroleum company Petroleos Mexicanos.

Under the addendum, Coastal Contracts said the maximum contract value has increased to MXN2.78bil, representing an increase of MXN1.14bil, which is equivalent to approximately RM318.9mil.

“The contract is expected to contribute positively to the earnings and net assets of the company for the financial years ending Dec 31, 2024 and Dec 31, 2025,” the company said in a Bursa Malaysia filing.