12 hours ago
Avangaad Group locks in RM66.8m in port services portfolio with Northport
AVANGAAD Bhd [formerly E.A. Technique (M) Bhd] alongside its subsidiary Libra Perfex Precision Sdn Bhd have secured new contract business awards estimated at RM66.8 mil from port operator Northport (M) Bhd which is a member of the MMC Group.
Extending beyond its stable tenure-based portfolio, the Main Market-listed marine transportation and offshore storage specialist is actively advancing growth avenues in the non-oil and gas (O&G) segments.
These pivotal new contracts validate Avangaad Group's continued success in strengthening its port and tugboat operations portfolio.
As a whole, Avangaad Group has continued to build on its strong business momentum with Northport, a long-standing client since 2013.
Its three existing 40-tonne Z-Peller harbour tugboats have been awarded a further two-year service extension totalling an estimated RM18.9 mil which reflected Northport's continued confidence in Avangaad Group's operational excellence, reliability and proven track record in port support services.
Additionally, Avangaad Group has also secured a new five-year contract valued at RM47.9 mil to provide daily charter services for three units of 50-tonne Bollard Pull Z-Peller harbour tugboats following its successful tender bid for the tugboat services.
The contract includes an optional five-year extension, potentially securing up to a decade of recurring revenue and showcasing Avangaad Group's long-term earnings visibility and order book strength.
'These contract awards are a clear and robust endorsement of Avangaad's proven capability in delivering consistently high standards of service and reliability in marine operations,' commented Avangaad's executive director Datuk Wira Mubarak Hussain Akhtar Husin.
'While we continue to maintain a presence in offshore storage, the newly secured contracts emphasise our expansion into non-O&G sectors. More importantly, they reiterate our potential to penetrate broader market segments and grow our base of recurring income.'
According to Mubarak, Avangaad's market position continues to be validated as Malaysia's only maritime player offering four integrated lines of maritime services.
'Capitalising on enhanced governance across Avangaad Group, we remain committed to deepening our sustainability focus. Our proven service offerings underpin a well-diversified portfolio, positioning us to capture future growth opportunities across both O&G and non-O&G sectors.'
Under its comprehensive contracts with Northport, Avangaad will provide fully manned tugboat with experienced and licensed Malaysian crews which is a hallmark of its commitment to local talent development and operational safety.
These new and extended contracts come on the heels of Avangaad's successful upliftment from its PN17 (Practice Note 17) status which is testament to the group's sustained turnaround and strong market confidence.
At the close of today's mid-day market trading, Avangaad was unchanged at 27.5 sen with 711,300 shares traded, thus valuing the company at RM365 mil. – July 1, 2025
