COASTAL CONTRACTS TO PURSUE NEW PROJECTS DESPITE PANDEMIC CHALLENGES
KUALA LUMPUR, Oct 28 -- Integrated marine oil and gas services and solutions provider, Coastal Contracts Bhd, seeks to pursue new projects in the industry despite uncertainties in the global economic environment.
Executive chairman Ng Chin Heng said due to the unprecedented challenges brought on by the COVID-19 pandemic, the group would continue to maintain its prudent financial management policy to preserve cash and maintain low gearing in its balance sheet.
“The Coastal group has taken all precautions to overcome future market uncertainties and to create new business opportunities and protect long-term shareholders' value.
“The group is committed to upholding its prudent business concept and always be prepared for unforeseeable events that could hamper its business activities,” he said in Coastal Contracts’ 2020 annual report.
Ng said Coastal Contracts’ venture into the oil and gas sector of Mexico, through the long-term charter of its jack-up gas compression service unit to national oil company Petroleos Mexicanos, had continued to provide the group with recurring profit and free cash flows.
-- BERNAMA
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