Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Dec 11): Alam Maritim Resources Bhd announced today its subsidiary has been awarded a conditional contract to provide pan-Malaysia underwater services for petroleum arrangement contractors.

This came on the heels of the unit securing a similar five-year pan-Malaysia underwater services job from Petronas Carigali Sdn Bhd and Enquest Petroleum Production Malaysia Ltd, on Nov 30.

In an exchange filing, Alam Martim said the five-year contract  was awarded to wholly-owned Alam Maritim (M) Sdn Bhd by ExxonMobil Exploration and Production Malaysia Inc.

The contract is on a call-out basis, whereby work orders will be issued by clients based on a schedule of rates provided.

As such, the total value of the deal will be contingent upon the actual work orders and the scope of work performed, it said.

Regardless, the loss-making group said the contract is expected to contribute positively to its earnings and net tangible assets for the 2018-2023 period.

The group, whose cumulative net loss stood at RM42.23 million as at its third quarter ended Sept 30, 2018, is valued at RM73.96 million based on its closing price of eight sen today.

      Print
      Text Size
      Share