Alam Maritim Resources secures RM52m contract for Cendor Pipeline Project

Alam Maritim Resources secures RM52m contract for Cendor Pipeline Project
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KUALA LUMPUR (March 2): Alam Maritim Resources Berhad announced on Wednesday (March 2) that it has received a Letter of Award for a RM52 million contract in respect to the Cendor Pipeline Project by Petrofac Malaysia.

The company said in a statement that the letter of award, which is secured by its wholly-owned subsidiary Alam Maritim (M) Sdn Bhd, is for the provision of transportation, installation and pre-commissioning of flexible risers and other appurtenances for Cendor Pipeline project.

The contract is expected to complete on July 21, 2022.

The contract is expected to contribute positively to the earnings and net tangible assets of Alam Maritim Resources and its group of companies for the financial year ending June 30, 2022 and 2023.

The company added that the risk factors associated with the contract include execution and operational risks such as availability of vessels, skilled manpower, equipment and materials in compliance with the terms of contract, unexpected mechanical breakdown, as well as changes in political, economic and regulatory conditions.

Alam Maritim Resources closed 0.5 sen or 14.29% lower at three sen on Wednesday, valuing the group at RM45.94 million.

Over the past one year, the counter has fallen 65%.

Joyce Goh