Alam Maritim gets RM25m supply vessel jobs from Petronas

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KUALA LUMPUR (Jan 23): Alam Maritim Resources Bhd announced today its unit has secured work orders worth some RM24.62 million from Petronas Carigali Sdn Bhd for the provision of three platform supply vessels (PSVs).

In a stock exchange filing, Alam Maritim said the value of the jobs, which were awarded to its wholly-owned subsidiary, Alam Maritim (M) Sdn Bhd recently, included extensions for up to 30 days.

Of the three jobs, one started on Sept 21, 2018 and will be for a firm charter duration of up to 124 days, whereas the other two — for a longer period of 181 days — began two months later.

Alam Maritim said the work orders are expected to contribute positively to its earnings and net tangible assets for the financial year ending Dec 31, 2018 (FY18) to FY23.

Last year, the group secured four five-year contracts to provide pan-Malaysia underwater services for petroleum arrangement contractors from Petronas Carigali Sdn Bhd and Enquest Petroleum Production Malaysia Ltd, ExxonMobil Exploration and Production Malaysia Inc, and Hess Exploration and Production Malaysia BV.

Alam Maritim previously said the jobs under the four contracts would be on a regular or call-out basis, whereby work orders will be issued by the client based on the schedule of rates as set forth in the contracts.

At market close today, Alam Maritim's stocks settled unchanged at 9.5 sen for a market capitalisation of RM87.82 million.