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KUALA LUMPUR: EA Technique (M) Bhd and Petco Trading Labuan Company Limited have entered into an agreement to mutually terminate a RM79.84 million contract for the provision of long-term time charter coastal vessel services.
In a filing with Bursa Malaysia today, EA Technique said the termination of the contract for Vessel 3 would result in a loss of revenue of about RM79.84 million for the financial year ending Dec 31, 2021, and beyond.
"However, the termination of the contract for Vessel 3 will have no impact on the contract for Vessel 1 and Vessel 2, which will continue as usual.
"Vessels 1 and 2 will generate revenue of approximately RM159.68 million for the financial year ending Dec 31, 2021 and beyond,” the marine services provider added. - Bernama