Alam Maritim bags subsea IMR deal
- Business & Finance
Malaysian offshore support vessels and subsea services provider Alam Maritim Resources has recently been awarded a contract for the provision of subsea inspection, maintenance and repair (IMR) services by an unnamed oil and gas E&P company.
Alam Maritim said on Tuesday that the contract was awarded to its wholly-owned subsidiary Alam Maritim (M) Sdn Bhd (AMSB).
AMSB’s main activity is ship owning, ship managing, and chartering services to Alam Maritim Resources or third parties involved in oil and gas industry.
The contract with the undisclosed E&P company is for a primary period of two years with an extension option for one additional year. According to Alam, the total worth of the contract is approximately RM99 million ($22.4 million).
The company added that the contract is expected to contribute positively to the earnings and net tangible assets of Alam for the financial year ending December 31, 2017, and beyond.