KUALA LUMPUR (June 23): Alam Maritim Resources Bhd’s jointly controlled entity Alam Swiber Offshore (M) Sdn Bhd has clinched an installation works contract for the replacement of subsea pipeline worth RM22 million.

In a filing with Bursa Malaysia today, Alam Maritim's (fundamental: 1.6; valuation: 1.5) Alam Swiber Offshore entered into an agreement with Chevron Malaysia Ltd (Chevron) in relation to the contract.

"The contract is for the installation works for replacement of subsea pipeline at Chevron's Prai Terminal," the filing read.

Alam Maritim said the contract is expected to commence in early June 2015 and expected to be completed by Dec 31 this year.

"The contract is expected to contribute positively to the earnings and net tangible assets of Alam for the financial year ending Dec 31, 2015," it said.

Shares in Alam Maritim closed one sen or 1.72% lower at 57 sen for a market capitalisation of RM526.9 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)