Alam Scores Pipeline Gig on Petronas TCOT Project
Malaysia’s Alam Maritim has been awarded a contract from Petronas for the provision of engineering, procurement, construction, installation and commissioning (EPCIC) of 1 km long pipeline for Terengganu Crude Oil Terminal (TCOT) effluent discharge line extension project.
The TCOT is located near Kerteh on the east coast of Peninsular Malaysia. The terminal processes crude oil from ExxonMobil Exploration and Production Malaysia Inc (EMEPMI) and PETRONAS Carigali Sdn Bhd (PCSB) operated field located offshore Peninsular Malaysia.
The effective date of the contract is October 8, 2015. Execution is scheduled for March 2016 and the work is expected to be completed by the end of June same year.
The EPCIC deal is valued at approximately $6.15 million (RM26 million) and it should contribute positively to the earnings and net tangible assets of Alam for the financial year ending December 31, 2015 and beyond.