Alam Maritim eyes RM2 bln deals

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KUALA LUMPUR (June 27): Alam Maritim Resources Bhd is bidding for contracts worth RM2 billion as it seeks to increase its order book by 20 per cent from RM1.3 billion currently. Group managing director Datuk Azmi Ahmad said, the integrated oil and gas (O&G) services provider was in the midst of tendering for projects and would announce them in the next quarter. "The group is optimistic about its chances in the involvement of the third wave of offshore support vessel (OSV) contracts to be announced by early third quarter of this year," he told a media briefing after the company's annual general meeting here today. The company was confident of securing 20% to 25% of the total bid value, he said. Azmi said the OSV segment remained the major contributor to the company's earnings followed by offshore installation and construction (OIC) and subsea engineering and diving services. "OSV will still be the largest earnings contributor to the group but we are diligently working to increase contributions from the OIC and subsea," he said. On the subsea segment, Azmi said securing contracts worth about RM220 million had changed market perception of the group, from vessel operator to a diversified O&G services provider. Azmi said the group had no plans to set up a JV soon but was open to the idea and welcomed any opportunity ahead. Alam Maritim's pre-tax profit for the first quarter ended March 31, 2014 dropped to RM15.170 million from RM25.063 million a year ago. Its revenue slipped to RM79.154 million from RM93.223 million previously.